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T
taxcat11
Level 2
July 11, 2020
Question

Replace roof on rental property

  • July 11, 2020
  • 7 replies
  • 29 views

Client replaced roof on a rental property.  The old roof was not fully depreciated and therefore is a loss.  The loss on Form 4797 Part 1 is 0.  Why is the loss not reported?

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7 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
July 11, 2020

You entered the date of disposal of the old roof on the asset entry worksheet with 0 as the sales price?  or how did you dispose of the old roof?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    T
    taxcat11Author
    Level 2
    July 11, 2020

    Yes I entered disposal date with a sales price of 0

    T
    taxcat11Author
    Level 2
    July 11, 2020

    Yes I entered information on the asset input sheet.  It shows the loss on the asset input sheet but not on Part 1 of the 4797.  The transaction shows but with 0 loss.

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