My client had part of her land taken by the highway department for expanding the road and made 272 on that portion of the land. How do I report that (it's a business property)?
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Just put it on the 4797 part one not on the asset sheet
It is reported as a sale,
When I put the sale in the disposition part, it takes a loss on the whole value of the land. I can't figure out how to tell it that it was only a fraction of the asset.
Just put it on the 4797 part one not on the asset sheet
Thanks, that's what I will do.
If this is on form 4797, how does it change the amount in the Depreciation schedule
You'll have to manually make an adjustment to the cost. I would use a supporting statement to note the original cost and the date, amount, and reason for a reduction.
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