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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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Loss on Abandonment
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Loss on Abandonment
Loss on Abandonment
Submitted by accoun5 on 08-10-2022 12:27 PMForm 4797 instructions say to put loss on abandonment on Form 4797 Part II line 10. However, if the asset was held over a year, then Lacerte puts the loss on Form 4797 Part I line 1 for a long-term asset. I would think to follow the instructions that it would go on Part II line 10. There is no over-ride. So, there should be a box to check showing this is an abandonment so it flows to the correct line on the form.
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