Question
form 5405 repayment of first-time homebuyer credit - home sold how is proseries caculating part III
I have a client that bought a house in 2008 and qualified for the first time home buyer credit. He has been repaying ever since. He sold that house in 2019 for a loss. I've entered all the information on the form 5405 in proseries, but I can't figure out how the program is calculating part III. It is putting different numbers there.
The sell price of the house was 276,000, expenses 2548, basis 283,500.00. So a total loss of 10,048. Proseries puts 138,000 as the sell price on line 9, 1274 on line 10, 136726 on line 11, and 141,750 on line 12. What am I missing here?
