How do I create Form 4797 Part III Lines 19 -24 to input Gain From Disposition of Property under Sections 1245, 1250, 1252, 1254, 1255?
In the Forms section, TT only shows Form 4797 Parts I & II. There is no Part III.
Form 4797 is not showing up in my tax return.
Thank you.
Form 4797 part III is a form created by entries on other forms. You have to first enter the transaction that creates Form 4797 part III.
I appreciate your response.
Where do I input Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, 1255 in TT Business?
Thank you.
For a partnership it would be under Income and Dispose of business property.
Same for an S-Corp.
I appreciate your response.
Where or in what Form do I enter the transaction that creates Form 4797 part III?
Thank you.
You would report the disposition of a depreciable business asset sold at a gain.
I appreciate your response.
I did report the disposition of a depreciable business asset sold at a gain. However, TT Business has not generated Form 4797 part III.
What Form # do I need to fill out in order to generate Form 4797 part III?
Thank you.
As per the following in TurboTax, you would enter the sale of section 1245 and 1250 property on the activities asset entry worksheet, car and truck worksheet, or vehicle expense worksheet. For section 1252, 1254 or 1255 property, you would enter the sale on the activity's disposition worksheet