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02-03-2021
12:35 AM
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Please let me know what I am missing in calculating capital (loss), and depreciation recapture on 4797 this is all long term. Help please.
Equipment was purchased for $100,000, depreciation is $10,000, sold for $1000. Capital Gain (loss) is $89,000 ($100,000 - $10,000 depreciation - $1000 sale price).
Is this considered section 1245 property?
Gain (loss) goes on Part I, form 4797 $89,000?
Recapture goes on Part III line 25b $10,000?
ProSeries Professional is not calculating the anything on page 2 form 4797.
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