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Investors & landlords
Thanks again to all of you, especially @Carl who helped me walk through the TurboTax steps to get this recorded properly.
This was for my dad whose taxes I do and we somehow over looked this 1099-S, so this is an amended return for 2019. The interesting effect of this change was that because he was still in the 0% capital gains rate, the only tax was on the lost medical expense that got reduced because of the increased AGI. That was a pleasant surprise. State was taxed at a higher rate. The less than pleasant surprise will be when we get the penalty and interest bill. :(
At least I don't do this kind of stupid very often.
Thanks again for your help!
‎January 12, 2021
5:43 AM