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C
capitaltaxesmt
Level 2
February 24, 2022
Question

Unreported Prior Year Gain on Sale of Business Assets

  • February 24, 2022
  • 1 reply
  • 8 views

I have a new client who sold property for a gain in 2016 and 2017 that was not reported on 4797 and has continued to be depreciated.  Do I just enter the sales date as 1/1/2021 on this year's return?

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1 reply

J
jeffmcpa2010
Level 10
February 24, 2022

Presuming that the amount is significant, (You pick the tax amount that becomes significant) I would have a conversation about amending 2016 - 2020 returns to correct the error and observe their response.

If it is a big enough error that I think the only reasonable way is to amend, and they refuse, - Probably are no longer a new client of mine".

If the tax effect is insignificant, you could do it your way if you wish, even though we know it's not "correct"

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