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I found potentially questionable approach & important glitch in my return turbo tax done by expert. How do I contact that specific expert after my taxes have been filed?

Looks like two lines of info on Form 4797 are including and duplicating information. Total of two Gross sales prices [d] are too much as land sale and cost value are on both lines but top line already includes land value. Result is that instead of -9k total - the form on a separately line duplicates land costs - so there is an unnecessary Gain.
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4 Replies
CatinaT1
Employee Tax Expert

I found potentially questionable approach & important glitch in my return turbo tax done by expert. How do I contact that specific expert after my taxes have been filed?

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I found potentially questionable approach & important glitch in my return turbo tax done by expert. How do I contact that specific expert after my taxes have been filed?

Your first and best option is to go back to the same expert.  If they agree there is an error they would file an amended return for you, or help you file the amended return, depending on the level of expert help you paid for. 

 

If they say there is nothing wrong, and can't explain to your satisfaction, post back here and we can try some other ways to get attention. 

I found potentially questionable approach & important glitch in my return turbo tax done by expert. How do I contact that specific expert after my taxes have been filed?

Appreciated - I'm no expert just trying to understand the logic of form 4797 and cols d,e,f,g - specifically  what went into putting together the ACB so we can see what we may be missing, if anything,  for our Canadian tax return.  However, why would two lines show- as an example - :

 Cols            d [sale price]    e [CCA total]        f-ACB       g [col d+e-f]

total sale          600k                 100k                   710k            -10k 

land value       100k                                                75k             25k 

 

Form 4787 - Pas 1 and II

The way the outcome is reported with a Capital gain of [-10+25] = 15k  when it seems like if you deducted the land values from the top line - since they area already included in both the sale price and 710k f-ACB 

for the same property being sold for a total price of 600k.  So the sold [100k] and purchased [75k] values of the land are already in the total values in the upper line columns d and f respectively.  Why not simply present this as two individual lines of a single line as follows - resulting in a -10k LOSS rather than a 15k gain???

 

SUGGESTED WAY IT WOULD LOGICALLY BE PRESENTED 

2 Lines - separating CCA-related info and land

Cols               d [sale $$}    e [CCA total]           f-ACB       g [col d+e-f]

non-land sale  500k                 100k                   635k            -35k 

land value       100k                                                75k             25k

**************** net   _____________________________    -10k - which goes to L7 down below on form 4797 

      -------------------------------------------------------------------------------------

OR as a single line

Added lines    600k                 100k                   710k            -10k

 

Alternately- bottom line is no tax due to Feds and minor amount to State - so just be quiet and let it ride???

PatriciaV
Employee Tax Expert

I found potentially questionable approach & important glitch in my return turbo tax done by expert. How do I contact that specific expert after my taxes have been filed?

Since you are working on a Canadian tax return, you should post your question in our Canadian Community: TurboTax Support Canada

 

@knptt-usa 

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