Livinglife
Level 2
10-14-2024
10:08 AM
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George,
Thank you. The membership interest was sold not individual assets. The information provided was mostly outside of the k-1. Sales price, expenses, tax basis and gain. The gain was broken down between 1245 recapture and 1231 long term capital gain. There is also an installment note portion so need to run through form 6252. IDK how to get the recapture on the 4797 and for it to show on the 6252. Wondering if I need two entries. One where I enter the recapture as the sales price on the 4797 with no depreciation and then refigure or force the 6252. There is enough gain to cover all of the recapture and more.
any help is greatly appreciated.