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section 1250 gain on form 1065

smroney
Level 1

We sold a building and I reported it on form 4797. We had a gain of which a portion was unrecaptured depreciation and remainder was capital gain. My problem is that the total gain is transferring to schedule K  line 10 as well as the unrecaptured depreciation on line 9c. My question is how do I get the correct capital gain amount  on line 10 schedule K instead of the total gain.

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4 Replies 4
abctax55
Level 15

Generally the software does handle that correctly.  

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sjrcpa
Level 15

The unrecaptured 1250 is part of the total capital gain.


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smroney
Level 1

Yes I understand that but why is the unrecaptured section 1250 gain on line 9c schedule K also being included in the net section 1231 gain on line 10 schedule K. Then the K-1 form is the same for lines 9c and line 10.

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qbteachmt
Level 15

@smroney 

You have a similar question in the Lacerte section, here:

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/re-section-1250-gain/01/1...

Which specific program are you using?

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