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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- How to Enter Property Eligible for the Home Sale Exclusion
How to Enter Property Eligible for the Home Sale Exclusion
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tccpg289
Level 4
04-02-2023
02:23 PM
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Taxpayer is eligible for the home sale exclusion, but does indeed have depreciation associated with the property, therefore the depreciation needs to be added back as ordinary income.
What are the steps to ensure the gain is fully reported, excluded, transferred to the correct form (8949), and the depreciation is added back properly?
I believe it is all driven off of Sch. D, under the details section, but wanted to confirm.
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itonewbie
Level 15
04-02-2023
03:18 PM
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Read this article for detailed instructions: https://proconnect.intuit.com/support/en-us/help-article/form-8949/reporting-sale-home-individual-re...
If you still have trouble after following these instructions, please come back with more info.
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