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- Re: office in the home sale of personal residence not calculating exclusion
office in the home sale of personal residence not calculating exclusion
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michele
Level 7
03-27-2023
08:35 PM
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Sold home that had been taking office in the home. I have entered these before no problem. Checked to make sure all the boxes were correctly marked and it is calculating a gain. The program is showing the basis as to what her basis in the office was and throwing everything into capital gains. There is no capital gains with the exclusion. She should be paying on the recapture etc.. Anyone else have this problem?
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TaxGirl3
Level 5
03-27-2023
09:10 PM
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I've found it's easiest to use the dispositions screen (screen 17).
In Screen 17, make sure to enter depreciation allowed in the FORM 4797 section, and check the 'sale of home', '2 year use test met' and 'business use in year of sale' in the SALE OF HOME section.
Make sure to put the sale date (no sale price) into the depreciation screen (Screen 22) to halt depreciation.
