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!
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.
Sorry, disregard the previous question. I seem to have a few too many worksheets for this sale. Which should I have (currently have an asset WS, a home sale WS & business sale ws). feels like I've gone a little crazy with them & feel they may be conflicting my numbers.
By reporting the sale on the asset entry worksheet and the homesale worksheet, it should auto generate the 4797 and Sch D for you...at least thats how I remember it working. Lots of moving parts to chase around, I know!
