Sold my LLC condo which i used for business at a loss - what question/form cover this?

[SMILLIN920]

I sold a condo in which is registered as an LLC In 2020 for $240000 with $21000 in fees, I purchased it in 2004 for $245000 with $25000 in capital improvements. So I should have a long term capital loss of @51000.  I dont know how to enter this in my taxes.  I have not depreciated it at all in my taxes in the past.  I have turbo tax home and business and the interview questions don't show me anything related to this.

[ColeenD3]

It doesn't matter if you take depreciation or not, it still has to be recaptured.

Basis adjustment for depreciation allowed or allowable. You must reduce the basis of property by the depreciation allowed or allowable, whichever is greater. Depreciation allowed is depreciation you actually deducted (from which you received a tax benefit). Pub 946

One solution is to elect an accounting method change and file a Form 3115 in the current year and take the  prior depreciation as a section 481(a) adjustment. [land  value is separated, land is not depreciated]

Below are the IRS links related to the change in accounting method. TurboTax does not have that form.

May be these will help

Form 3115, Application for Change in Accounting Method

Form 3115

Instructions for Form 3115 (03/2012) 

Instruction for 3115

Form 3115,

Form 3115 pdf

[SMILLIN920]

Ok once I figure out the depreciation, how to I get the long term loss applied to my taxes?  That really is my original question.  At this point I dont even know where this goes.  What part of the software interview/forms cover this?  Ive kind of been shown via help towards a k-1, a 1231, some other ones as well.  I think you just added a whole additional level to my question with out answering the original.

[ColeenD3]

Follow the interview and answer the questions. The program will make the accurate calculations and apply the information to the proper form.

If you rented it in 2020, include the sale in the Rental section. If you did not, enter it in Sale of Business Property.

1) Wages and Income

2) Other Business Situations

3) Sale of Business Property

4) Other Property Sales

5) Select Sales of Business or Rental Property that you haven't already reported

6)Choose No to the question, "Do all of the following apply to the property you sold?".

7)Choose Yes to the following screen that asks, "Do any of the following descriptions apply to the items you sold?".

8)Select the type of property from the drop down box.

9)Enter the information for your sale.