Partnership return is selling 2 rental properties, one has a gain and one has a loss. The 4797 form shows the loss on Part I and the gain on Part III. Is this correct?
Partnership return is selling 2 rental properties, one has a gain and one has a loss. The 4797 form shows the loss on Part I and the gain on Part III. Is this correct?
Partnership is selling 2 rental properties. One has a gain and the other a loss. On form 4797 it shows the loss on Part I and the gain on Part III. The properties are similar. I checked the asset entry form and the information is the same. Is it a fact that losses are shown on part I and gains on Part III?
Yes losses on Part I and gins on Part III is correct.
The more I know, the more I don't know.
0
Cheers
You are leaving Intuit Accountants Community.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.
