nmr12354
Level 3
12-07-2019
01:53 AM
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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?
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sjrcpa
Level 15
12-07-2019
01:53 AM
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Yes losses on Part I and gins on Part III is correct.
The more I know the more I don’t know.
