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Level 1
February 17, 2021
Question

I have a bulk sale of fixed assets. I entered the sales price of the asset under the main asset, but it isn't showing up in the return. How do I get it to show up?

  • February 17, 2021
  • 1 reply
  • 4 views
This is for an 1120S. Most of these assets have 179 so the sale shows up on the K-1, box 17K.
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1 reply

sjrcpa
Level 15
February 17, 2021

That is the correct presentation for sales of assets where 179 was taken. Remember the original 179 deduction was separately stated on the K-1.

The more I know the more I don’t know.