Help with electing gain on sale of rental property

Forum|Forum|6 years ago
July 10, 2020
7 replies
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Can you please tell me if there is a certain sequence of forms & steps to take in claiming the exclusion for sale of personal residence? Can you also tell me what forms to complete, in what order? I mean do I do the Sch D first, Form 4797 2nd, etc. Thank you!

ProSeries Basic

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Best answer by Just-Lisa-Now-

Complete the HomeSale Worksheet, then on the Rental Asset Entry Worksheet, in the Disposal area, you enter the date it was sold then you'd link to the HomeSale Worksheet (theres a button for this)...dont forget to mark Box H on the Sch E worksheet that its a taxable transaction.

Just-Lisa-Now-

Answer

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Complete the HomeSale Worksheet, then on the Rental Asset Entry Worksheet, in the Disposal area, you enter the date it was sold then you'd link to the HomeSale Worksheet (theres a button for this)...dont forget to mark Box H on the Sch E worksheet that its a taxable transaction.

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