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- where to report a sale of rental property in a c-corp form 1120 ? should i report the sale in form 4797 or schedule d ?
where to report a sale of rental property in a c-corp form 1120 ? should i report the sale in form 4797 or schedule d ?
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hdt
Level 1
02-05-2021
12:12 PM
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in the year of 2018 to 2019 tax returns the c corp filed 11 rental properties as a total lump sum in term of income, expenses. and depreciation. in the tax year of 2020, 3 rental properties (of those 11 properties) were sold resulting in a long term gain. should i break down 11 properties so that those 3 sold properties depreciation could be calculated and reported in for 4797 ?
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1 Comment 1
sjrcpa
Level 15
02-05-2021
12:29 PM
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Yes.
The more I know, the more I don't know.
