I have reevaluated my previous post regarding TTAX Premium. Premium does correctly compute the tax on a DVC contract sale. I followed Premium recommendation to call the 1099-S transaction as a "Sale of second home".
Since my Taxable Income (after Standard Deduction subtraction was taken ) was below $89250 (where the Capital Gains Tax on my DVC sale after deductions for the sale is instructed by IRS to be $0.00). TTax Premium correctly computed the Tax for me as $0.00 on the "Qualified Deduction and Tax computation" form.
I then added in my 2023 standard income and deductions and the total combined Tax rate and Capital gains Rate tax in TTAX Premium correctly uses the Standard approved IRS Tax Rates and the Capital Gains was also correctly computed to be $0.00 for my return.
Sorry to anyone about the confusion the post may have caused. My slamming all those numbers to TTAX confused me as to how the Tax was computed. The worksheet to compute the tax and Qualified Capital Gains is a bit detailed but I verified that it is correct.
