TaxGuyBill
Level 15
04-02-2020
11:24 AM
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@Just-Lisa-Now- wrote:I have the amortization schedule and the gross profit % on the 2018 return, can I just fudge in the basis on the top of the 6252 to make it match the gross profit %..shes got the principal and interest amounts received for 2019.
What "basis" are you referring to (Line 10?)? With the amortization schedule and the Gross Profit %, I think you should be able to come up with the necessary information. The other stuff like commissions and mortgages really don't matter.
Was the original property depreciated (such as a rental property)? If so, you need to make sure all of the Unrecaptured §1250 Gain has been 'paid'.