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willatbird
willatbird
Level 5
September 28, 2023
Solved

How do I get abandoned assets to show up on line 10 of the 4797

  • September 28, 2023
  • 2 replies
  • 14 views

Client abandoned Leasehold Improvements and Equipment. I put in a -1 for Sales Price on the depreciation input, but it's showing up in Part 1 of the 4797. How do I get it to flow to part II instead?

THANK YOU!

This topic has been closed for replies.
Best answer by kgreen8393

Select 1=Short Term in the disposition screen and then it should be reported on line 10

2 replies

K
kgreen8393Answer
Level 6
September 29, 2023

Select 1=Short Term in the disposition screen and then it should be reported on line 10

    willatbird
    willatbirdAuthor
    Level 5
    September 29, 2023

    I'm using the depreciation input screen for the disposal. Does this mean I have to move everything over to the Disposition screen? I was trying to avoid that.

    abctax55
    abctax55
    Level 15
    September 29, 2023

    Did you enter the sales date (date of abandonment?)

     

    HumanKind... Be Both
    willatbird
    willatbirdAuthor
    Level 5
    September 29, 2023

    Yes. It will show up in Part I of the 4797, but not part II. I've given up on using the Depreciation input for the disposition and entered it all on the Disposition entry screen. 

    abctax55
    abctax55
    Level 15
    September 29, 2023

    There's a spot to enter "  -1 " to trigger F 4797

     

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