Full sale reported to NJ per TurbiTax.
— NJ claim A3128 asks for full sales price and adjusted federal basis (building + land) to calculate Net Gain.
— If I report Line 23 from #4797 that excludes the Land portion of sale that I should pay taxes on.
— For this form I believe I should do the following: Sales Price LESS Building Adjusted Basis LESS Land Portion = Net Gain.
Form 4794
– Line 10 only shows only Land while the building seems to be shown in Lines 20-23
—. Line 24 shows “gain” which matches the Land value on the SmartWorksheet from TurboTax.
AT THIS POINT IM NOT SURE TURBOTAX RECORDED THIS TRANSACTION PROPERLY AT ALL.
HOW CAN THIS BE RESOLVED WITH A PROFESSIONAL REVIEW?
