George4Tacks
Level 15
02-16-2023
05:46 PM
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Ignore everything below this line if you REALLY MUST FILE A 1041. The items below only apply to a 1040. If a 1041 I bow to @BobKamman who can read gooder than me!
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Sale of home with no depreciation or business use
- Go to the Input Return tab.
- From the left of the screen, select Income and choose Dispositions (Sch D, etc.).
- Select Schedule D/4797/etc.
- In the Quick Entry grid, enter the following fields:
- Description of property
- Date acquired
- Date sold
- Sales price
- Cost or basis
- Basis reported to IRS (blank=to IRS, 1=not to IRS, 2=not on 1099-B)
- Expense of sale
- Click the blue Details button to expand.
- Click the three dots at the top of the screen and select Sale of Home.
- Check the box labeled Sale of home (MANDATORY to compute exclusion).
- Check the box labeled 2 year use test met (full exclusion).
If there's no taxable gain on the sale of home, ProConnect Tax won't report the sale on the Schedule D. To force reporting on the Schedule D, scroll down to the Reduced Exclusion subsection and enter a 2 in Report on Schedule 😧 1=when applicable, 2=force [Override].
Answers are easy. Questions are hard!
