For my 2022 tax, I had a rental property sold, I reported it on schedule E and expected to pay capital gains on the profit of the sale. I filed schedule E for many years for 2 rental properties, but this is the first time for me to report on the sale of one of them.
Turbo tax triggered form 4797, sales of business property, and it shows gain of about $240 K on line 30, line 31 is 0; but no gain on line 32, and line 7; effectively no gain for the sale on this form?
I expected to pay 15% capital gain on all the gain from the sale except on about $10 k. Did I miss one of the entries on turbo tax?
Turbo tax also generated from 6252, installment sale income, which shows Gross profit of about $280K on line 16 ($40 K higher than form 4797). But further down on line 26 it shows no capital gain taxed at 0%, 15% or 20%.
None of these two forms (form 4797 and form 6252) triggered any entries on schedule D (all entries are blank)
When I run the turbo tax federal review and smart check, it shows no errors and tells me it is ready for filling.
Any explanation or guidance on how to deal with this capital gain issue is appreciated.
