I am using TurboTax 2021 (Home and Business Version) to enter cancelled debt for 1 of my rental property.
I understand that:
-- My taxes should reflect amount of debt discharged (Box 2) and Interest (Box 3)
-- My Taxes should not depend on Fair Market Value of Property (Box 7)
Note that:
-- TurboTax 2021 uses Fair Market Value of Property to compute 2021 Tax. Is this a bug?
-- TurboTax 2020 did not use Fair Market Value of Property to compute 2020 Tax. This is correct
I'd appreciate receiving your feedback on this question
Thanks.... Le
