- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Override was the wrong term. I would just remove the links from the Sec 1250 Home Office asset sheets and manually enter the Sec 1245 and Sec 1250 recaptures from the 4797 and/or asset sheets into those Lines on the Home Sale sheets. It will not show as an override with the impacts you note (I have run into that before.....).
Any thoughts on using book values as the sale allocation amounts to address deferring the rest of the capital gain into the house sale in the future and still handle the recapture? When you use the link function from the asset sheets for Home Office (Sec 1250), TT specifically tells you to NOT assign a sale price to the asset - which makes me believe that is the way it would defer the gain if I only had Sec 1250 assets?