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Sale of rental property :dispostion of asset proseries basic - sold property in 2018

JOHNNYCPA
Level 3

I just want to know if I followed all the steps of selling the rental property.

1) I disposed the property in the asset worksheet section- the asset is linked to schedule E.

2) in schedule E worksheet, I put an X in Complete Taxable disposition.

( what's the purpose of putting X) does it prevent schedule E to show up in next yeat tax return.

the 1231 loss is shwing in form 4797

There is a disposition worksheet too?  is the asset worksheet okay to use for disposition.

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Just-Lisa-Now-
Level 15
Level 15

Sounds like you got it.   The asset entry worksheet is all you need to do.

The purpose of the taxable transaction box is so that if there are any unallowed losses carrying over (8582), they will get released and be used when the property is sold (and Sch E wont show up again next year too!)


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Just-Lisa-Now-
Level 15
Level 15

Sounds like you got it.   The asset entry worksheet is all you need to do.

The purpose of the taxable transaction box is so that if there are any unallowed losses carrying over (8582), they will get released and be used when the property is sold (and Sch E wont show up again next year too!)


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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JOHNNYCPA
Level 3
Lisa , unallowed losses- for example if your income was too high in prior years??? right?
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Just-Lisa-Now-
Level 15
Level 15
right

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Just-Lisa-Now-
Level 15
Level 15
Theyre recorded on the Form 8582 each year.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
itonewbie
Level 15
Why so many question marks when Lisa was making a valid point?  Please be cordial to your fellow participants.

If you believe the worksheets are not correct, please come back with more specifics and someone may be able to help.

For more information about making input for asset disposition, you may refer to these articles:
https://accountants-community.intuit.com/articles/1608748-how-to-enter-a-disposition-of-schedule-e-r...
https://accountants-community.intuit.com/articles/1610259-dispose-of-an-asset-in-proseries
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Still an AllStar
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JOHNNYCPA
Level 3
Sorry Lisa for the  additional questions. I appreciate your knowledge and expertise.  john
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gslayton
Level 3

Sale of rental property:

Gain flows through to schedule D and then to 1040.

Also flows from 4797 to schedule 1 then to 1040 duplicating the gain.

Also, what kind of property is a rental house?  1231, 1245, other?

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