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Capital Gain on Rental

I am having a bad time getting info into return as capital gain

My client purchased rental property in 2004 for 111000.which which we claimed as business on his tax return he just sold for 477000 which makes a cap gain.

I have gone into his business return down to line 9936 double clicked and went into his amortization schedule however, when I enter information it does not show on line 27. His ownership is 50% with wife. Do you have any ideas as to what I am doing wrong

Bev

Bev: I reposted your question in a new Topic. Try following these instructions:

  1. You need to have a rental return set up (Form T776). You should not use the business form.
  2. Create a new asset in the return - add the asset at the purchase price of $111,000 dated some time in the past. You will need to override the purchase date when it says you can only use dates in current year.
  3. Then record the sale of the house also in that asset record. Check the box that says all of asset disposed of. It will then give you your capital gain amount.

Please do not post just anywhere in the forum. That is what is upsetting the guys. If you go to the forum on the top right hand corner there are three horizontal lines. Click on that and select New Topic. Then give your topic a name, ask your question, and the guys will be happier. The only time you post in another topic is when you want to answer a question.

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Quick comment: Yes, there is also more to it than that. There are components of Depreciable Property, Non-Depreciable property, UCC, improvements, various Capital Classes, income recapture, etc etc. Needs a proper looking at since acquisition date.