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- Unreported Prior Year Gain on Sale of Business Assets
Unreported Prior Year Gain on Sale of Business Assets
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capitaltaxesmt
Level 1
02-24-2022
08:16 AM
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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?
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1 Comment 1
jeffmcpa2010
Level 11
02-24-2022
08:30 AM
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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"
