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bpolakov
New Member

does turbotax deluxe include section 1250 worksheet?

 
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CatinaT1
Employee Tax Expert

does turbotax deluxe include section 1250 worksheet?

It should. The only area of section 1250 not handled are:

 

Sales of Business Property and Cancellation of Debt: When section 1250 property is disposed of as part of cancellation of debt and reported on the Canceled Debt Worksheet, section 1250 depreciation expense recapture is not supported for AMT purposes. Depreciated property disposed of as part of a cancellation of debt and reported on the Canceled Debt Worksheet, will be assumed to have AMT accumulated depreciation equal to the regular accumulated depreciation. Form 6251, Alternative Minimum Tax (AMT), line 2k (Disposition of Property) will need to be overridden if the AMT applies and there is an adjustment needed due to a difference between AMT and regular.

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