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AB
New Member

Sale of PTP Interest Form 4797 and Section 199

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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3 Replies 3
mdavolio
Employee

Re: Sale of PTP Interest Form 4797 and Section 199

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

zprobst
Community Explorer

Re: Sale of PTP Interest Form 4797 and Section 199

Solve for me! Thanks friend!

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yw_sh
Community Explorer

Re: Sale of PTP Interest Form 4797 and Section 199

Thanks for your input! : )

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