pm-zz
Level 3
04-03-2022
04:38 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
Best Answer Click here
Labels