Doing taxes now....I entered the sale information for the rental property that I sold. Every year I make estimated taxes ob about 60% of my expected taxes and have the additional 40%+ withheld from my pension. Boy, are these sale documents confusing! (Not TurboTax's fault!) My sale expenses were over 25000 dollars, but it is not clear how those costs were accounted for... Somehow $10713 was added to the cost (net of land) and 10758 was added to the depreciable basis... after entering everything that I thought was asked by TurboTax, I am totally unsure of the calculations... on 6251 worksheet, there are passive gains in the amount of 2800, passive from where? Bottom line....I am a regular person who always pays estimated taxes in the correct amount. I sold a mid-priced rental property that I have never lived in and it appears that I am having an AMT amount imputed to me and the calculations are totally incomprehensible...where do I see the 15% on the capital gains and the 25% on the depreciation? It appears that I need to take advantage of the live help, but what I needed along the way was a tutorial, and perhaps some sample documents that would make me more confident. OK, I have vented, but can anyone offer any informed comfort?
