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pschafer531
Level 2
March 25, 2019

Part III of Form 4797 - Section 1245 Dispositions

  • March 25, 2019
  • 1 reply
  • 9 views

I am trying to make an entry to Part III of Form 4797 - which is section 1245, 1250 assets. I can't figure out ho wto get the asset disposition to show up under Part III of Form 4797. It instead keeps puttin it under Part I of Form 4797. Any insight?

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1 reply

sjrcpa
sjrcpa
Level 15
March 26, 2019

 Was it sold at a loss?

The more I know the more I don’t know.
P
pschafer531Author
Level 2
March 26, 2019

It was sold for neither a gain or loss. The asset was sold for its carrying value (i.e., cost less any depreciation taken).

sjrcpa
sjrcpa
Level 15
March 26, 2019

A gain goes on part III, a loss on Part I. Neither gain or loss - I don't know, but software chose Part 1. Can you live with that presentation since the result is correct?

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