@DianeW777
Good morning Diane,
First off, I'd like to say thank you for investing your time with me. I so greatly appreciate your insight and how you take the time to break things down for me to better understand.
As a follow-up, I think we are on the same page. The total cost I allocated to Property 1 in the example was supposed to be $45,000 and not $54,000. I probably wasn't making that clear in my example. At this point, if you could please simply verify that the equation to calculate the additional basis (up charge) in my example is correct, I'd greatly appreciate it. It covers these 3 line items in the example:
- Replacement Properties' New Loan Amount = $250,000
- Relinquished Property's Remaining Loan Amount = $100,000
- Additional Basis or Up Charge to allocate across Replacement Properties = $150,000
I went ahead and created an Amended version of the 2022 TurboTax file. After I made all of the corrections that we've been discussing, it nets out to only about $100 due to me from the Fed/State. With that, I'd prefer not to formally file an amended tax return. However, I do want to have these corrections made moving forward. With that, I have the following questions I'd greatly appreciate your feedback on:
- Can a 2022 Amended TurboTax file that has not been filed/returned be pulled into a 2023 TurboTax file to be used as the baseline for the 2023 tax return?
- Seeing the 2022 tax difference with and without the corrections is negligible ($100 due to me), does an Amendment really need to be filed if I choose to use the corrected 2022 tax file as my baseline for my 2023 tax return? Would there be any red flags if I do not file the Amendment?
Your insight would be so greatly appreciated.
Thanks so much!
Jamie
