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Level 1
April 19, 2023
Question

My client is selling her rental property. I can't get Form 4797 to match the Schedule D. What am I doing wrong?

  • April 19, 2023
  • 1 reply
  • 8 views
Form 4797 is showing the original entry for cost/basis. Schedule D is showing adjusted cost/basis after entering more expenses for improvements. Form 4797 is not showing those adjustments. Why?
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1 reply

Level 3
April 20, 2023

My advice is to work through it with the helpdesk.  I recently entered an investment real estate sale also and it was surprisingly not bringing in values from the return for depreciation recapture.  There were some fields that had to be filled out manually.  It wasn't very straight forward.  A weakness in the design that I wish they would improve.  It should be easier to enter something like this.