I noticed 2 different filing results depend on where the sales information is populated. Which one is correct?
If sale of home info is populated in the Less Common Income section and under Sale of Home, form 4947 is not generated. Everything is reported on Schedule D and Form 8949 (with Code H for the exclusion). Sale price is not required to be broken out between property vs. Land.
If sale of home info is populated in the Rental Income section and under Sale of Property/Depreciation, form 4947 is generated. After asking Asset sale price, Land sale price is also required to be populated.
Is form 4947 required? In the Sale of Property/Depreciation section is asset price the total sale price and Land price is part of it? Does it matter how it is allocated? It seems only total gain will impact the tax? Thank you.
@Carl
