Oblio
Level 3

My client bought a house in 2011 with the intention of fixing it up and renting it. He maintained it but never did get around to renting it. After sitting vacant for all these years he finally sold it in 2023 for a nice profit,

I can't figure out how to enter the data on form 8949. Any suggestions?

Thank you.

0 Cheers
abctax55
Level 15

LTCG - basis NOT reported to IRS.  Likely "Form 1099-S received.  

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
Oblio
Level 3


There was no 1099-S issued.

I want to learn how to enter the information related to the sale. I have already calculated all the information and data  needed. It's a question of how to enter it in ProSeries.

Thank you.

 

 

0 Cheers
abctax55
Level 15

1) I don't speak PS ( you just now mentioned what software you are using).  I use Lacerte.

2) It's no different than where you would enter any other sale/disposition of an asset.

3) 'I want to learn'.... is great, but March is not the best time to ask us volunteers to train you.

Maybe a PS users will stop by & find time to help.

 

 

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
IRonMaN
Level 15

1099B worksheet and I would ask to see the closing paperwork because I am guessing there is a 1099S buried somewhere in the paperwork.


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