Rental Property Sale

Forum|Forum|3 years ago
September 29, 2022
2 replies
22 views

How do I report the sales of a rental property if the property was half purchased in 2004 and the other half in 2016 per the depreciation report? If I split up the sale price between the two entries it does not report the entire sale on form 4797 and the depreciation recapture does not carry over for all the items on the depreciation report?

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

Do you have 2 separate asset entry worksheets? You should be able to split the sale between them and both would appear on the 4797

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

C

chiodoincAuthor

Level 5

Yes there are two asset entry worksheets but when I split the sale under each entry only one entry shows up on page 2 of 4797. I can manually enter both entries under part one of 4797 sale of business property but then there is no page 2. I took this client over from another accountant and entered all the assets into the Schedule E under depreciation. I was able to match everything up to the previous years return but when I split the sale of the property among the two entries only the one entry shows up on page 2 of the 4797. I am not sure if I am doing something wrong.

PATAX

Level 12

I agree with Lisa. Make sure you completely and properly fill out the asset entry worksheets. I have never had a problem with this in the past. I will be preparing one soon with this and if there is an issue I'll let you know.

PATAX

Level 12

I just finished that return and I give Pro Series credit for a great job on the rental sale for both Federal and PA.

C

chiodoincAuthor

Level 5

Good morning

Yes there are two asset entry worksheets but when I split the sale under each entry only one entry shows up on page 2 of 4797. I can manually enter both entries under part one of 4797 sale of business property but then there is no page 2. I took this client over from another accountant and entered all the assets into the Schedule E under depreciation. I was able to match everything up to the previous years return but when I split the sale of the property among the two entries only the one entry shows up on page 2 of the 4797. I am not sure if I am doing something wrong.

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