TaxGuyBill
Level 15

@VernonX wrote:

On the disposition  area of the Asset Entry Wks it asks for Asset Gain (loss) basis, if different (enter 100% of basis). This item begins as empty. Should this be Cost - depreciation or left blank? I have taken this to be adjusted basis and so enter Cost - depreciation.


 

In most cases, leave it blank because the amount on line 31 is the amount you need to use.

If for some reason the amount on line 31 is not the Basis to use for calculating a gain or loss, then you enter the UNadjusted Basis (don't subtract depreciation).

 

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