Sold a condo on 11/16/09 that had been used as a rental property starting in late '07. We bought the place on 5/3/2004.
We bought the condo for $227,500 in 2004.
We sold this year for $180,000.
I've done what I think is right in Turbotax and it's indicating we have a GAIN of $38,006.
I also believe it's telling me total depreciation is $13,198.
I'm confused, as I'm sure we have should have a loss here.
Any ideas what's happening?