How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask rramsook Your Own Question
rramsook
rramsook, Enrolled Agent
Category: Tax
Satisfied Customers: 307
Experience:  Specialize in Individual,Corporate, and payroll tax matters.
62036424
Type Your Tax Question Here...
rramsook is online now
A new question is answered every 9 seconds

My wife and I have a 1/3 interest in a inherited condo that

This answer was rated:

My wife and I have a 1/3 interest in a inherited condo that sold in 2012. Her Mom passed away in 2007. The two other family members use tax prep individuals and they have agreed on the best way to file a form 8949 (2012). They agree to file out part II (Long Term). Filing with Turbo tax presents a form different fro the above, and it auto filled the short term.

Please advise. We would like to be consistent for the IRS.

Dave

rramsook :

Hello, Welcome to Just Answer.

rramsook :

was the transaction reflected on SCH-D when you intially inputted the amount on turbo tax?

Customer:

Yes it shows in Schedule D

rramsook :

ok, did u indicate that is was a long term transaction ?

Customer:

No Turbo Tax automatically filled it in as short term in the 8949 and it therefore shows up as short term on the Schedule D.

rramsook :

make sure that you enter in the dates of sale and acquisition of property

Customer:

Let me check that and I will get back.

rramsook :

ok sounds good

rramsook :

let me know if that works for you. Thanks

Customer:

The property was inherited in July, 2007, but the form 8949 from my other family members indicates the Date acquired as "inherited". Are you recommending that I put in the date my Mother in law passed away (7/20/2007) as a way to get it to auto fill in the Long Term section (Part II)?

rramsook :

yes, if you put the date aquired as inherited then it will never flow to the long term section. You will have to put the date of death as the acquisition date.

Customer:

Okay, will do and get back to you

Customer:

That seems to have solved the issue. Thank you, XXXXX XXXXX you can recover all the charitable exemptions I input this morning?

rramsook :

Im glad that worked..No im sorry, once its is not saved you will not be able to recover.

rramsook :

you will have to reenter the amounts again

Customer:

Thanks

rramsook and other Tax Specialists are ready to help you