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Question

For a sale of rental property, why does TT subtract the cost of land from the federal AGI to calculate the Virginia AGI?

Forum|Forum|3 years ago
February 19, 2023
1 reply
0 views

For the 2022 Virginia Income Tax Return VA760CG, TT includes the cost of land of the sold rental property as a negative amount on the line Passive/At-Risk/Other Adjustments of the Asset Dispositions section of the Federal/State Adjustment Summary worksheet. This adjustment then results in a subtraction from the federal AGI to calculate the Virginia AGI.

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VA and the federal have not always been in compliance. This could be causing the subtraction. Please see 760 page 18 for the conformity issues to see if you do qualify for the adjustment.

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