You'll need to sign in or create an account to connect with an expert.
That is not what Turbotax is doing on mine. It shows the adjustment as just the gain portion that is excluded without taking into account any of the selling expenses.
Your example is showing a taxable gain.
I don't have a taxable gain.
Yes, this is the sale of my principal residence and the gain is not taxable. I am not going to worry about this anymore. Thanks for all the help.
@SuperAcct wrote:
Yes, this is the sale of my principal residence and the gain is not taxable. I am not going to worry about this anymore. Thanks for all the help.
You do not have to be concerned with the presentation in TurboTax in that case; TurboTax is handling the transaction properly.
You are most welcome.
form 8949
In column (g), enter $220,000 ($20,000 selling expenses + $200,000 exclusion) as a negative number.
In column (h), enter -0- ($320,000 − $100,000 − $220,000). If this is your only transaction
this is exactly what I get. $320K sales price in column d, $100K as cost in column e, and a negative $220K in column g which consists of the $20K selling expenses and a $200K exclusion to reduce the taxable gain to zero
on this Part II, enter $320,000 in column (d) on line 10 of Schedule D (Form 1040), $100,000 in column (e), ($220,000) in column (g), and -0- in column (h).
this is exactly what is supposed to appear on schedule D
column d - $320K from column d on form 8949
column e - $100K from column e on form 8949
column g - $220 K from column g on form 8949
column h - $0
i really don't understand the problem you are having
perhaps if you provide an example of the amounts showing in those 4 columns and what you think should be showing in those 4 columns we could better answer your question. however, it seems Turbotax is reporting it as the IRS requests.
@Mike9241 wrote:i really don't understand the problem you are having
There must be an input error if Form 8949 does not appear as it does in the screenshots I posted.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
francisbrewster54
New Member
atn888
Level 2
WyomingClimber
Level 1
mkbd11
New Member
fpho16
New Member