Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Real Estate Taxes on Line 5 of Form 4952

Highlighted
Level 1

Does anyone how Lacerte calculates the real estate taxes which are being carried to Line 5 of From 4952?  On Sch A I entered $90,100 in real estate taxes on the property held for investment line and $9,857 on the principal residence line. Lacerte calculates a sales tax deduction of $2,177 (total taxes are $102,134). Of course the entire deduction is being limited to the $10,000, but $8,822 is automatically carrying to Line 5 of Form 4952.  Why $8,822?  I've attached a screen shot of the worksheet for Line 5.

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted

It's just the ratio of investment taxes to total taxes, times the $10k limit.

View solution in original post

0 Cheers
2 Replies 2
Highlighted

It's just the ratio of investment taxes to total taxes, times the $10k limit.

View solution in original post

0 Cheers
Highlighted
Level 1
That't it exactly...thank you so much!
0 Cheers