Part III of Form 4797 - Section 1245 Dispositions

[pschafer531]

I am trying to make an entry to Part III of Form 4797 - which is section 1245, 1250 assets. I can't figure out ho wto get the asset disposition to show up under Part III of Form 4797. It instead keeps puttin it under Part I of Form 4797. Any insight?

[sjrcpa]

 Was it sold at a loss?

[pschafer531]

It was sold for neither a gain or loss. The asset was sold for its carrying value (i.e., cost less any depreciation taken).

[sjrcpa]

A gain goes on part III, a loss on Part I. Neither gain or loss - I don't know, but software chose Part 1. Can you live with that presentation since the result is correct?

[pschafer531]

Yes, I can live with that presentation. Thank you so much for your help SJRCPA, I really appreciate you taking the time to answer my question.

[sjrcpa]

You're welcome