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A
AB92_2
Level 3
August 15, 2019

Sale of PTP Interest Form 4797 and Section 199

  • August 15, 2019
  • 1 reply
  • 12 views

When entering the sale of PTP with ordinary income on 4797, does anyone know where in Proseries to report, so the amount gets calculated as part of the 199 deduction?  This amount is not included on the K-1, only as part of the sales schedule.

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1 reply

M
mdavolio
Level 4
August 15, 2019

Hi AB,

Currently, this computation is not automated.  Please go the Schedule K-1 input screen and scroll down to Section D (Qualified Business Income) at the bottom.  Make an entry in field N2 (PTP Adjustment) to increase PTP income by the amount of the 1231 gain.

Thank you,

Mike D'Avolio

    Z
    zprobst
    Level 2
    September 12, 2019

    Solve for me! Thanks friend!

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