Help on JE Sale of Building and land

Here https://smallbusiness.chron.com/record-journal-entry-sale-business-property-42433.html is a simplified explanation

To calculate gain or loss,, Debit the sales price by recording everything that was received, and paid for on your behalf. The sum of loan payoff plus selling expenses which include the commission and other closing costs plus cash should equal that sum. This is all step 1 in the link. Step 2 debits Accumulated Depreciation

Step 3 credit the original basis

Step 4 is a simple calculation but not an entry in the journal entry.

Step five, after recording all receipts and depreciation recapture, is to balance the columns such that you are recording a credit =gain or a debit =loss 

Your second table , below the sales price, are your initial debit entries in Step 1 that add up to the sales price. Step 2 debits the accumulated depreciation. What you list as debit gain is simply the sum of the other closing costs from the second chart.

The gain itself is the 251109, which will be taxed at long term capital gain rate.

Planning ahead and not taking possession of the cash temporarily could have allowed you to take advantage of 1031 exchange but the proceeds have to be held in trust, just keep that in mind for your next sizable gain event

Thanks for the Help. I was confused and didn't know how to figure it out.

this is what I did with your advice and came out to have the same amount of 251K

Also, for the question of plan ahead of time, this is a new client and I advised him to plan and let me know ahead of time but unfortunately, he did it and I just saw the deposits and transactions once he provided all documentation, couldn't do anything.

Thanks and have a great day