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