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Gain on Asset Sale not Flowing to S-Corp K-1

troy
Level 3

Asset purchased and placed in service in 2018 for $55k. Between 179 and bonus, it was fully depreciated that year.

Sold in 2021.

I am entering the sale price of of $47,500 on the asset entry worksheet.

Property Type "Trade or Business"

The worksheet states that the gain will flow to 4797 Part III.

After printing the return, the gain is not being displayed anywhere on the K-1 / 4797. 

It could be a basis issue, but mor inclined to believe something is not being checked.

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4 Comments 4
Just-Lisa-Now-
Level 15
Level 15
So the 4797 is just blank? You dont see the sale reported?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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troy
Level 3

When I print the S-Corp return, the 4797 isn't even included.

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sjrcpa
Level 15

Was it really depreciated using 179 and bonus?

Or just 179?

dd4vols
Level 10
Level 10

Do you get an extra sheet with the Shareholder K-1s?    The actual recapture, like the initial Sec 179 deduction is at the partner/shareholder level.

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