Sale of home used partly for business only takes business percentage of cost basis on Form 4797. Do you enter business % of sales price to force correct gain/loss?

[loristevenson373]

One answer I received earlier said to enter full sales price which seems correct but not sure if you have to manually adjust basis to make the gain/loss work out?

[TaxGuyBill]

Is this a separate building from the home?

Are you entering it on a Asset Entry Worksheet for a Home Office?  Or how are you trying to enter it?

Does the taxpayer qualify for the $250,000/$500,000 Exclusion?

[George4Tacks]

Carefully look through this article. https://proconnect.intuit.com/support/en-us/help-article/form-8949/reporting-sale-home-individual-re...

[loristevenson373]

Yes they qualify for the exclusion.

It is not a separate asset.

I am doing a bulk sale on the depreciation schedules attached to form 4797. I have read the instructions several times sent earlier but if I enter full sales price the cost basis still only comes through at 9.42% of the total cost of the asset. The only way I could get it to work is to enter 9.42% of the sales price and expenses of sale which doesn't really look right either.

[loristevenson373]

I meant the depreciation schedules attached to form 8829 home office deduction

[qbteachmt]

"One answer I received earlier"

Because now you started this same issue as another new topic. The original was right here: https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/how-do-you-enter-the-s...

I will flag your other one so that volunteer peers that are trying to be helpful now come to this topic, so that they don't try to answer the same person on the same issue in two places.