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Dixie1500
Returning Member

Sale of Rental property

I originally bought a rental home in 2000 and was renting the land . I have been renting it depreciating it . In 2017, I purchased the land. I sold the entire home and land in 2022. How do I add the purchase of the land into TT. If I add it as an asset, TT wants to depreciate it and will not let me continue. It was entered as a sale in the Rental Properties and Royalties depreciation section. It shows a large gain in the Sale of Business Property section because there is no basis entered for the land.

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1 Reply

Sale of Rental property

It is added as an asset so you can sell it off with all the other assets and LAND is NOT depreciated ... pay attention to the asset categories.  The total sale price and the cost of sale must be allocated between all the assets listed ... return to that section and redo it correctly. 

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