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MGC94
Level 7
March 9, 2023
Solved

Main home sale/ rental

  • March 9, 2023
  • 2 replies
  • 25 views

03/1/2000 $125,000 purchased home/rental/cottage

land > building 

land $75,000 > building $50,000

12/09/2022 sold $600,000 

$200,000 personal $400,000 rental 

home sale wks 

$200,000 - $41,666 = $158,334 gain           $250,000 exclusion  😀

rental 

I added in the property asset entry worksheet

3/1/2000 

cost $125,000 land $75,000 

27.5 years                       

dispositions 

date 12/9/22 

sales price asset $150,000 land $250,000 = $400,000 

prior dep 

$50,000 building / 27.5 years = 1,818 

9 months 3/1/2000  12/31/2000

21 years = 252 months 

261 months / 12 21.75 years 

$39,541.50 prior dep 

 

Can anyone help me with what to do next/ what am I missing 

 

 

 

 

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Best answer by MGC94

You have told us before that you are smart and a quick learner.  If that is the case, you should be able to print off that return and follow the numbers through the various forms to see if they make sense.


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2 replies

MGC94
MGC94Author
Level 7
March 9, 2023
No text available
abctax55
Level 15
March 9, 2023

Why start a new thread on the same situation?

HumanKind... Be Both
MGC94
MGC94Author
Level 7
March 9, 2023
No text available
abctax55
Level 15
March 9, 2023

That's not how this forum works, and you are NOT fooling anyone with your antics. 

Those comments are relevant/pertinent to the situation.

HumanKind... Be Both