Bird1
Level 2
12-07-2019
01:27 AM
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My understanding of new tax law is that this is considered a sale. On asset entry worksheet there is a spot for disposition of asset. Should this info automatically flow to 4797. What was this change trying to accomplish?
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IRonMaN
Level 15
12-07-2019
01:27 AM
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Yes, it is now a sale. Yes, you fill in the disposition information on the asset entry worksheet. Yes, it will automatically flow to the 4797. They were just trying to make life miserable for tax preparers. But what do you expect from the same geniuses that invented the post card tax return with its six schedules. There is no IQ test required to run for office, but there probably should be.
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