2021 software

Forum|Forum|4 years ago
November 11, 2021
2 replies
4 views

I tried out the 2021 software only to see how it handled a client's sale of rental property, Form 4797 showed a long capital gain of $320K. But it did not flow over to Sch D. Since this law is same as it was in 2020, I wonder what I did wrong that the capital gain did not go to Sch D or 1040.

ProSeries Professional

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T

TaxGuyBill

Level 15

Are you saying the gain does not show up on Schedule 1?

If you "Save As" a copy of the 2020 return, does it show up as expected?

If so, your mistake was using the 2021 software this early. If not, you may be entering something wrong or thinking it should show up differently than it really does.

G

GretaAuthor

Level 7

Normally a LT gain on Form 4797 flows to Sch D long term gain, from where it flows to Sch 1. Neither happened, so perhaps I indeed tried 2021 software too soon. But nothing changed in the law since last year, so I expected Form 4797 - to Sch D - to Sch 1 to work in the 2021 software as before.

P

poolcleaner

Level 8

It is my understanding that the software starts from scratch each year.

A

Anonymous

Thank you! We've got our eye on this.

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