From TaxAlmanac, A Free Online Resource for Tax Professionals
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> Residentail rental real estate sale
Jjsthunder (talk|edits) said:
| 21 February 2006
|
| I have an individual who sold 5 rental properties this year, when I entered the sale into my tax package the gains were linked to form 4797, I thought that they should be linked to sch d as capital gains. Can anyone help?.
|
Riley2 (talk|edits) said:
| 21 February 2006
|
| Form 4797 is for depreciable property. The end result will flow from the 4797 to the Sch. D.
|
Taxref (talk|edits) said:
| 21 February 2006
|
| I would only add to make sure the properties are properly entered on the 4797 as Section 1250 property.
|
Plounibos (talk|edits) said:
| 21 February 2006
|
| Also, make certain that any suspended passive activity losses carried forward are properly treated.
|
Pjs (talk|edits) said:
| 22 February 2006
|
| And, don't you want to separate the land portion of the sale from the building portion?
|
Jjsthunder (talk|edits) said:
| 23 February 2006
|
| Thank you to Riley2, Taxref, Plounibos, Pjs for your replys. Very helpful
|
To join in on this discussion, you must first
log in.
