bandb
Level 3
‎08-24-2024 10:34 AM

I am a long time user of Pro Series, changing this year to ProConnect. I am experimenting with their trial tax return. When selling rental property in Pro Series, inputs would be in Asset Entry . In ProConnect, I entered sale in Dispositions. On Form 4797, depreciation taken is shown in the section 1245 section.  For real property. shouldn't depreciation be in the section 1250 section?

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TaxGuyBill
Level 15
‎08-24-2024 12:45 PM

Is the Recovery Period 27.5, 30, 39 or 40 years?

Any Section 179 or anything weird like that?

 

If your answers are "yes" and then "no", you are correct.  It might be a weird ProConnect thing that you need to figure out some box to check (sorry, I'm a ProSeries user, so I can't help you there).

 

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George4Tacks
Level 15
‎08-24-2024 04:12 PM

This might help

Screenshot 2024-08-24 141023.jpg

 

Also use the search on this site and select the product to get an Article - I used "sale of asset" for ProConnect to get

https://accountants.intuit.com/support/en-us/help-article/form-8949/entering-sale-disposition-assets...

 


Answers are easy. Questions are hard!
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