How do you tell ProSeries that a loss disposition of Sec 1250 property does not qualify as an ordinary loss on Form 4797?

margowalkercpa · ‎06-15-2020

TaxGuyBill · ‎06-15-2020

Why does it not qualify as an ordinary loss?

margowalkercpa · ‎06-16-2020

It is inherited investment property

TaxGuyBill · ‎06-16-2020

@margowalkercpa wrote:
It is inherited investment property

If you ask a question, it helpful to have as much detail as possible. What does "investment" property mean?

If it is a rental, the sale should be an ordinary loss on Form 4797.

If it was not a rental, the sale should be a capital loss on 8949/Schedule D.