Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- 1250 Unrecaptured Section Gain 25%
1250 Unrecaptured Section Gain 25%
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Bessy
Level 2
04-04-2023
04:18 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hello,
Client has a depreciation recapture on which a tax of 25% is due for the sale of rental property. However, Schedule D Tax Worksheet in ProSeries is calculating a 'zero" tax on line 40. What do I need to do in ProSeries to have it calculate the 25% tax on depreciation recapture/.
Thank you very much.
Bessy
Labels
1 Comment 1
TaxGuyBill
Level 15
04-04-2023
05:14 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It is not automatically taxed at 25%, so zero might be correct on line 40.
It is taxed at ordinary rates, UP TO 25%. I think lines 35-39 on that worksheet determine if the 'up to' part has been filled up (based on the rest of the worksheet).
