MykMiller
Level 3
02-18-2021
09:54 AM
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I am working on an 1120S and my client has a gain on 4797. It was on the sale of a vehicle. The gain is not being added to ordinary income on 199A Stmt A and therefore not flowing over to my clients K-1 stmt A correctly. I can fix it on the K-1 Stmt A but get an error then on 199A. Anyone else have this issue?
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mag41842
Level 1
02-18-2021
10:20 AM
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I have a similar issue. I added the 1245 gain as an adjustment on line 1b of the 199A worksheet and do not get an error message. I had a similar situation in 2019 and the program added the gain as part of the ordinary income. Inconsistent, and not sure if correct, but it worked for the 2020 return
MykMiller
Level 3
02-18-2021
10:26 AM
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Thanks !!
