Schedule D Question

[bhoward1963]

I sold my home in 2023 and qualified for a partial exclusion since we moved from NC to MI for my husbands job 19 months after we sold our former residence.

Column G is not including the selling expenses that I input in turbotax. 

I sold the home for $425,000, and the cost basis is $351,934.  However - column G is showing ($73,066).  I went back and made sure that I included the selling expenses of $28,000.  Shouldn't column G show ($45,066) even though the gain is zero?  I just want to be sure that this is being reported correctly before filing.  

[DMarkM1]

No.  Column G is showing the adjustment (-73,066) that takes the gain to zero.  The $28,000 selling expenses are part of the adjustment in column G. 

[bhoward1963]

I think maybe I need to clarify.  The house sold for $425,000.  I had selling expenses of $28,000.  My cost basis is $351,934.  

My calculations are $425,000 less $351,934 less $28,000 = ($45,066) - which is the amount Turbo Tax said I was excluded from paying taxes on.

Schedule D, part II line G is showing ($73,066) which is $ 425,000 less $351,934. 

What am I not understanding here?

[DMarkM1]

Your gain is calculated as sales price minus cost basis and then any adjustments (Column G) to yield the gain in column h.  So your gain is 425,000 minus 351,934 and the total adjustment (-73,066) is in column G for a gain of zero in column h.  

If for example you had not qualified for the partial exclusion your schedule D would have read:

                                                        Gain

425,000     351,934     -28,000    45,066