SOLD MORE THAN 2 HOUSES--CAN'T FIND A VERSION OF TT THAT SUPPORTS THIS

Forum|Forum|4 years ago
December 16, 2021
2 replies
21 views

I Bought the home and business and again the limit of property sales is 2. I sold. 6. I can't even add the right schedule and override to get data in. I spent an hour on hold before buying to ask which version would support more than 2 housing transactions and got nowhere. I need to model my gains to plan taxes before YE and am stuck in the 2021 Home and business with these limitations. Help!

TurboTax Home & Biz Windows

Mike9241

Level 15

more info is needed. tell us what each of the 6 houses was used for. rental, personal residence, vacation home. if there were multiple conversions of a personal residence to rental or vice versa, see a pro.

Mike9241

patbroganAuthor

Level 2

We sold one primary with a tax-free exclusion plus 5 prior non-decreciated rentals.

patbroganAuthor

Level 2

Correction: one primary that had been inherited and lived in 5 years; one vacation house and 4 non-depreciated rentals.

The other new addition is a K-1 for a new boat put into a charter program (as our LLS) which under the 2107 bonus depreciation 179 allows us to take 100% depreciation in year 1 which we would use to offset the house gains. So looking for professional advice on that too.

Rick19744

Level 13

In addition to what has been discussed, you mention a K-1 along with bonus depreciation and Section 179 in the same sentence.

Bonus depreciation and Section 179 are not the same and one has business income limitations in order to benefit currently.

As a result, this adds to the recommendation that you meet with a tax professional to sort through what you have so a complete and accurate tax return can be filed.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.