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Help with electing gain on sale of rental property

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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

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

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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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
Scroll down the homesale worksheet, Part II Lines 8-12 I think

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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It was there. Thank you! Is that the only place it appears?

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Level 15
Level 15

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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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
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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