Skip to main content
Level 1
February 23, 2024
Solved

Rental Home sale

  • February 23, 2024
  • 2 replies
  • 16 views

Is a rental home sale reported in section 1 or 3 of form 4797

If 3 - what type of property

This topic has been closed for replies.
Best answer by Just-Lisa-Now-

I dont have a 4797 in front of me to look at the Part numbers, but if you dispose of the assets using the Asset Entry worksheet (disposal portion is lower down the page), it will flow each item to the place it belongs.

2 replies

Just-Lisa-Now-
Intuit Community Champion
February 23, 2024

I dont have a 4797 in front of me to look at the Part numbers, but if you dispose of the assets using the Asset Entry worksheet (disposal portion is lower down the page), it will flow each item to the place it belongs.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 15
February 23, 2024

Have you looked at the handy chart in page one of the Instructions for Form 4797?

https://www.irs.gov/pub/irs-pdf/i4797.pdf

 

But don't forget the "Special Rule" if both the building and land was sold.

https://www.irs.gov/instructions/i4797#en_US_2022_publink13087td0e531