sffdib
Level 5

Please let me know what I am missing in calculating capital (loss), and depreciation recapture on 4797 this is all long term. Help please. 

Equipment was purchased for $100,000, depreciation is $10,000, sold for $1000. Capital Gain (loss) is $89,000 ($100,000 - $10,000 depreciation - $1000 sale price). 

Is this considered section 1245 property?

Gain (loss) goes on Part I, form 4797 $89,000?

Recapture goes on Part III line 25b $10,000?

ProSeries Professional is not calculating the anything on page 2 form 4797. 

0 Cheers