You'll need to sign in or create an account to connect with an expert.
Line 2f = Cost or other basis, plus improvements and expense of sale.
Purchase price
+ Purchase costs (title & escrow fees, real estate agent commissions, etc.)
+ Improvements (replacing the roof, new furnace, etc.)
+ Selling costs (title & escrow fees, real estate agent commissions, etc.)
Line 2f = Cost or other basis, plus improvements and expense of sale.
Purchase price
+ Purchase costs (title & escrow fees, real estate agent commissions, etc.)
+ Improvements (replacing the roof, new furnace, etc.)
+ Selling costs (title & escrow fees, real estate agent commissions, etc.)
This calculation is way higher than I would have expected. My original purchase value is $116,000 from 2009. My property sale price was $140,000 on 11/6/2017 with $3638 depreciation. Yet the calculation shows a $21,906 loss. On form 4797, it shows in line 2f a cost or other basis of $176,183 for structure and $19,938 for land. I have no idea where these numbers are coming from. What is this calculation being based on? What do I need to edit to represent the actual numbers? Thanks.
What are you carry over losses?Remember, your carry over losses are realized (actually deductible) in the year of sale.
I don't have carry over losses - or none that I entered into the software. Where would this be calculated?
Thanks!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
saalves2424
New Member
pwash
New Member
SelenaP
New Member
gvl2024
New Member
roypimjasmine2485
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.