pm-zz
Level 3

Main Home sold for 1,300,000 less selling expenses $80,000) so amount realized is 1,220,000

Adjusted Cost Basis 795,000

Realized Gain is $425,000

 

Proseries is showing 1,300,000 less 795,000 and Adjustment of 505,000 EH Gain "0"   Seems odd to show the exclusion of more than the $500K and given that the IRS is less than optimal when looking at returns(i.e. they don't even understand many of the line items on a return they process).

The Home Worksheet calculates everything with the true realized gain - wondering if any adjustments need to be made for presentation purpose to keep the IRS from asking questions when there is nothing there?

 

 

 

 

 

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