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Rental Home sale

Glenndd
Level 2

Is a rental home sale reported in section 1 or 3 of form 4797

If 3 - what type of property

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Just-Lisa-Now-
Level 15
Level 15

I dont have a 4797 in front of me to look at the Part numbers, but if you dispose of the assets using the Asset Entry worksheet (disposal portion is lower down the page), it will flow each item to the place it belongs.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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2 Comments 2
Just-Lisa-Now-
Level 15
Level 15

I dont have a 4797 in front of me to look at the Part numbers, but if you dispose of the assets using the Asset Entry worksheet (disposal portion is lower down the page), it will flow each item to the place it belongs.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxGuyBill
Level 15

Have you looked at the handy chart in page one of the Instructions for Form 4797?

https://www.irs.gov/pub/irs-pdf/i4797.pdf

 

But don't forget the "Special Rule" if both the building and land was sold.

https://www.irs.gov/instructions/i4797#en_US_2022_publink13087td0e531