Partnership return is selling 2 rental properties, one has a gain and one has a loss. The 4797 form shows the loss on Part I and the gain on Part III. Is this correct?
Partnership return is selling 2 rental properties, one has a gain and one has a loss. The 4797 form shows the loss on Part I and the gain on Part III. Is this correct?
Partnership is selling 2 rental properties. One has a gain and the other a loss. On form 4797 it shows the loss on Part I and the gain on Part III. The properties are similar. I checked the asset entry form and the information is the same. Is it a fact that losses are shown on part I and gains on Part III?
Yes losses on Part I and gins on Part III is correct.
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