Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Reporting sale of Home, following instructions and it doesn't work on 4797

kenwrightcpa
Level 1
Click on details and sale of home doesn't come up
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Comment 1
George4Tacks
Level 15

Is it a rental at time of sale? https://proconnect.intuit.com/community/form-8949/help/reporting-the-sale-of-home-used-as-a-rental-p...

Are these the instructions you followed? https://proconnect.intuit.com/community/form-8949/help/reporting-a-sale-of-home-on-an-individual-ret...

  1. Go to the Input Return tab.
  2. On the left-side menu, select Income.
  3. Click on Schedule D/4797/etc.
  4. In the Quick Entry grid, enter the Description of Property.
  5. Enter the Date Acquired.
  6. Enter the Date Sold.
  7. Enter the Sales Price.
  8. Enter the Cost or Basis.
  9. Enter if Basis reported to IRS (blank=to IRS; 1=not to IRS; 2=not on 1099-B).
  10. Enter any expenses in Expense of Sale.
  11. Click the Details button.
  12. On the left-side menu, click Form 4797.
  13. Enter the accumulated depreciation in Depreciation allowed (-1=none, triggers 4797).
  14. On the left-side menu, click Sale of Home.
  15. Check the box Sale of home (MANDATORY to compute exclusion).
  16. Check the box 2 year use test met (full exclusion) if applicable.
    • Do not check the box if the reduced exclusion applies. Instead, check the box Sale due to change in health, employment or unforeseen circumstances, and enter the Days Used as Main Home and Days Property Owned to calculate the reduced exclusion.
  17. Enter the Number of nonqualified use days after December 31, 2008.
    • Non-qualified use is generally any period after December 31, 2008 during which the home was not used as a principal residence for the taxpayer or spouse, including time that the home was used as a rental property or vacation home. See IRS Publication 523 for more information.

Answers are easy. Questions are hard!