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I sold a rental property and Turbo Tax is correctly calculating federal ok (4797, D, E). But my state return Is adjusting the entire cost basis out for a huge credit
There should be no gain adjustment, just the federal gains in box (C) and the fed and state depreciation in (D). But it's putting the entire cost basis as an adjustment in (E) so I get a huge credit. I need to get rid of that adjustment but can't edit manually in online version
March 22, 2025
10:05 PM