Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Re: Unreported Prior Year Gain on Sale of Business Assets
Unreported Prior Year Gain on Sale of Business Assets
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
capitaltaxesmt
Level 1
02-24-2022
08:16 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a new client who sold property for a gain in 2016 and 2017 that was not reported on 4797 and has continued to be depreciated. Do I just enter the sales date as 1/1/2021 on this year's return?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
jeffmcpa2010
Level 11
02-24-2022
08:30 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Presuming that the amount is significant, (You pick the tax amount that becomes significant) I would have a conversation about amending 2016 - 2020 returns to correct the error and observe their response.
If it is a big enough error that I think the only reasonable way is to amend, and they refuse, - Probably are no longer a new client of mine".
If the tax effect is insignificant, you could do it your way if you wish, even though we know it's not "correct"
