Option #3 seems to work well. Adding to Form 4797, line 2, column (a), “Offset for non-allowable loss" (f) Cost Basis 0.00 (d) Gross Sale 100,000. TT automatic...
If I go to Form 4797 and ‘override’ the loss on line 18b to be zero (0.), that removes the loss (and adjustment to income) on 1040, which is compliant. Maybe in...
Will reducing the cost basis significantly from that which has been used previously for calculating depreciation of the rental property be a flag for the IRS? W...
I went back and used the updated 2019 version of Premier, using hypotheticals. Same thing. The software also does not seem to take into account sales to family ...
