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Help with electing gain on sale of rental property

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last updated ‎July 10, 2020 11:44 AM

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!

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Level 15
Level 15
last updated ‎July 10, 2020 11:44 AM

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.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Level 15
Level 15
last updated ‎July 10, 2020 11:44 AM

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.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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last updated ‎July 10, 2020 11:44 AM

Thank you, that helped! Can you please tell me where I'd indicate I want to use the excludable gain on sale of personal residence?

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Level 15
Level 15
last updated ‎July 10, 2020 11:44 AM
Scroll down the homesale worksheet, Part II Lines 8-12 I think

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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last updated ‎July 10, 2020 11:44 AM

It was there. Thank you! Is that the only place it appears?

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Level 15
Level 15
last updated ‎July 10, 2020 11:44 AM

Yes, that where you elect the 121 exclusion for sale of personal residence.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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last updated ‎July 10, 2020 11:44 AM

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. 

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Level 15
Level 15
last updated ‎July 10, 2020 11:44 AM
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!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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