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You don't need two separate forms. Just one entry reporting $0 gain/loss. TurboTax is not set up for that.
Does that mean I can't use TurboTax at all this year?
Thanks!
You can report the sale in TurboTax, you just need to make one sale entry, so that just one form 4797 entry will be generated.
I don't see how I can enter it - see post above. When I mark as profit, it sees negative profit and converts it to a loss, which shouldn't. And the same when I mark as loss, it sees negative loss and converts it to a profit, which it shouldn't.
Can anybody from TurboTax help on this? Is there a place for requesting support for features?
You will need to contact a support agent on the phone so they can do a screen share with you to see what you are entering in the program. You can contact TurboTax by calling 800-446-8848.
So, if you only received 60% of the proceeds of the sale (due to divorce - ex-husband received 40%), would you enter only 60% of the asset sales price on the sales information page?
Yes, 60% of everything including the purchase price, improvements, depreciation or anything else that applies.
Thank you for your response. I used to own 100% of the property. My concern is when I reenter everything transferred over from the previous year to 60%, it is saying I owe a huge chunk in taxes that is winding up to be 25% of the profit I took from selling the house. Does that seem extremely high? Or am I doing something wrong?
It depends. When did your ownership% of the property change?
I sold a rental property this year for a capital gain. Where do I enter this in TT.
To enter the sale of your rental property, follow these steps:
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