I already filed but never had time to check if Form 4797 was filled out correctly on Gain of Sale of Conversion of Home to Rental using FMV.
I followed directions in forum:
1. Entered info for rental property in:
Rental Properties and Royalties.
Entered FMV for Cost of Property
Stopped at Special Handling.
2. Entered Info in Sale of Business Property.
3. Form 4797 Page 1: Has Gross Proceeds & Gain from page 2 listed.
Page 2: Has Description of Property then under column A on lines 20-24 has listed the numbers for: Gross Sales Price, Cost or other basis plus expense of sale, Depreciation, Adjusted basis, and total gain.
Then at bottom of page, total gain is listed again.
So did Turbo Tax fill out the 4797 right: for Gain for sale of Conversion of home to rental using FMV?
Thanks,
Jim
