@wleuter wrote:
Hi @Carl
I saw your post like below and I just want to know does it still work for TurboTax 2023? Thank you!
The amount for virtually every individual is $2,500, not $5,000. The $5,000 figure applies if you have some sort of a certified audited financial statement (for example, a statement required to filed with the SEC).
Also, the statement about recapture with respect to assets that are expensed is wrong. Expensed assets, in this context, have a basis of $0 and, when sold, are "recaptured" as ordinary income and taxed as such.
