Main home sale/ rental

[MGC94]

03/1/2000 $125,000 purchased home/rental/cottage

land > building 

land $75,000 > building $50,000

12/09/2022 sold $600,000 

$200,000 personal $400,000 rental 

home sale wks 

$200,000 - $41,666 = $158,334 gain           $250,000 exclusion 😀

rental 

I added in the property asset entry worksheet

3/1/2000 

cost $125,000 land $75,000 

27.5 years                       

dispositions 

date 12/9/22 

sales price asset $150,000 land $250,000 = $400,000 

prior dep 

$50,000 building / 27.5 years = 1,818 

9 months 3/1/2000  12/31/2000

21 years = 252 months 

261 months / 12 21.75 years 

$39,541.50 prior dep 

Can anyone help me with what to do next/ what am I missing 

[abctax55]

Why start a new thread on the same situation?

[abctax55]

That's not how this forum works, and you are NOT fooling anyone with your antics. 

Those comments are relevant/pertinent to the situation.

[Skylane]

If you enter the information in ProSeries it will give you the correct answer. Works very well

[IRonMaN]

You have told us before that you are smart and a quick learner.  If that is the case, you should be able to print off that return and follow the numbers through the various forms to see if they make sense.

[abctax55]

"....you also are not sure about the answer."

Umm.... you'd be wrong.

I just refuse to be used by someone who won't do the work necessary to be a competent tax preparer.  

AND has attitude.

[abctax55]

Hard to ignore when you clog up the forum with so *many* posts.

I'm done with you, have a nice tax season especially dealing with future IRS notices.

[sjrcpa]

"Try and be more mature"

@MGC94  Physician heal thyself.

[abctax55]

I'd never wish IRS notices to anyone.   I agree, that's why I'm so concerned for your clients.

Try and be more mature.   Wow, I'm wounded to the core  /S 

[IRonMaN]

When I started out preparing tax returns, they were prepared by hand.  That meant that we had to understand how the numbers flowed through the various forms and schedules.  We even had to do the tax calculations ourselves ——- no buttons to push to get an answer.  It’s sad to say that a large number of tax preparers starting out today aren’t tax preparers but are instead data entry clerks.  The data gets entered and they have no clue if the numbers are correct but if the software spit out those results, they believe the tax return has to be correct.  They aren’t capable of following the flow of numbers through a tax return.  I really have no clue why people pay good money for that service when they are quite capable of screwing up their own tax return using Turdddotaxxx.  

[IRonMaN]

But I don’t believe you do follow the flow.  You said the tax “seems too high”.  Having a feeling something seems high is a lot different than manually calculating numbers to verify they are too high.

[IRonMaN]

And as a side note, you just can’t seem to help but make the snide little remarks to folks here.  Good luck on the rest of tax season - you are going to need all of the luck that you can find.

[Skylane]

Marked solved b/c duplicate posts and OP deleted posts

[abctax55]

@conwaytax 

Just so you know, most of us (as this is not our first rodeo) save screen shots/PDF's of these types of threads.  So you may have deleted all your responses, but there is a record of them.