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A taxpayer has retired and moved to a state with no income tax (WA) from a state with income tax (AZ) in December of 2022. They closed on the AZ house on Januar...
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Oh and it shows on line 12 of Unrecaptured Section 1250 Gain Worksheet stating it is the unrecaptured 1250 not entered on the 4757. That took a bit to figure ou...
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Thanks for your response. I had to recapture the allowable depreciation. It does decrease the adjusted basis based on this IRS paragraph."Generally, the law all...
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Thanks. I found the way to enter the data by putting the depreciation on the home sale worksheet in Section IV. It then shows the 12K gain on the Schedule D and...
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Thanks for your response. The house was sold for $200,000 (there were costs that lessened amount realized) and depreciation was $12k. This was not taken on the ...
