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ckhitchcock
Level 2
June 30, 2020
Question

taxable gain on repossession of real property

  • June 30, 2020
  • 2 replies
  • 26 views

I've figured the taxable gain on the repossession of real property per worksheet D of IRS Pub 537.  How is that figure entered into the ProSeries software? 

 

Thanks.

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2 replies

dkh
dkh
Level 15
June 30, 2020

Pub 537, page 13, first column........ Reporting the repossession. You report gain or loss from a repossession on the same form you used to report the original sale. If you reported the sale on Form 4797, use it to report the gain or loss on the repossession. 

 

    C
    ckhitchcockAuthor
    Level 2
    July 1, 2020

    My question was more a software question rather than a tax question.  Does anyone know how this figure from the worksheet gets put into the tax software??  Thanks.

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