Hey all,
I have a client who qualifies for section 121 as she sold her rental home (she owned for 10 years and converted to rental the last three.
I am not sure how to show this in the system as I have been getting conflicting info from other pros.
I have a sale of home worksheet and a schedule E for rental side of it.
i was told i would need to use form 4797 as well to show depreciation recapture but i am not quite sure how to do that without inputting all information again and it feels as if I'm creating a duplicate of the property.
Thanks in advance for your time.
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I go to the depreciation schedule for the rental property and enter the General Disposition information then scroll down and answer questions in the Sale of a Home section.
If I remember correctly, ProSeries doesn't do it correctly.
It is SUPPOSED to be reported on Form 4797, but ProSeries puts it on Form 8949/Schedule D.
The net results are the same, but it is reported on the wrong form.
My bad, I missed that you are a ProSeries user.
I'm in Lacerte and it works pretty well there.
Sorry
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