
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Thanks for taking the time to reply.
It pulls the basis information itself as I have it in the depreciation history from the prior return. The numbers were pre-populated and correct. It also pulls the accumulated depreciation and asks me to either type the same number back in or adjust it as necessary, so I have typed that back in.
The subsection I am in is the depreciation subsection under Rental Property. The software tells you to hit Edit on that if you have stopped using the asset (and gives 'sold' as an example), which I do and that is where I have entered all the information. It is a bit fiddly in that you have to keep editing the same subsection to get additional questions to come up, but in the end all of the cost basis, depreciation and sold price data were entered with the sale price and expenses allocated between asset and land in the same proportion as the cost basis.
Even if I have made a mistake, there's still the issue that it explicitly says there has been no gain or loss but then adds a whole bunch of tax due to the counter anyway. So it's not consistent within itself regardless of my input figures.
As stated, it's the desktop edition. And if it makes a difference, it's for Mac.