pschafer531
Level 2
‎03-25-2019 04:30 PM

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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sjrcpa
Level 15
‎03-26-2019 11:47 AM

 Was it sold at a loss?


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pschafer531
Level 2
‎03-26-2019 01:50 PM

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

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sjrcpa
Level 15
‎03-26-2019 03:12 PM

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?


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pschafer531
Level 2
‎03-26-2019 03:28 PM

Yes, I can live with that presentation. Thank you so much for your help SJRCPA, I really appreciate you taking the time to answer my question.

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sjrcpa
Level 15
‎03-26-2019 08:23 PM

You're welcome


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