IRS 4797 Part 1 Line 2
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maps4you
Level 2

IRS 4797 Part 1 Line 2

I need to make an entry on Form 4797 Part 1-Line 2 (table) but using the step by step method I can't seem to find the correct thread which would make an entry there. It seems like I needed to go through the Sale of Business Property but this makes an entry in Form 4797 Part 3 not Part 1.  The portion of Form 4797 (Part 1) I am  speaking of is titled: Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than Casualty or Theft-Most Property Held More Than 1 Year.  This is were I need to make an entry to adjust the gain in 4797 Part 3 (Line 19).  Steps to get the the location would be helpful.

7 Replies
Anonymous
Not applicable

IRS 4797 Part 1 Line 2

Part 1 is generally for items held more than 1 year sold at a loss

Part 3 is generally for items held more than 1 year sold at a gain.  

see 4797 instructions

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

 

proper entry of the date sold, assuming date acquired, cost and depreciation are correct would result in TT placing the sale in the correct part.  overriding TT would require you to paper file. 

 

AmeliesUncle
Level 11

IRS 4797 Part 1 Line 2


@maps4you wrote:

This is were I need to make an entry to adjust the gain in 4797 Part 3 (Line 19). 

 


Why are you needing to adjust an entry in Part 3?

maps4you
Level 2

IRS 4797 Part 1 Line 2

Thanks for responding however my question was by what method can one get 4797 Part1 to populate.  

 

I had looked at 

Wages and Income > Sales of Business Property

Deductions and Credits > Casualty and Theft

 

Neither of these populate 4797 Part 1 Line 2.

 

I know what I need to enter but not finding how to enter it via the TT step by step process. Correct on the hand jamming the data on 4797 -- TT will not allow it.

maps4you
Level 2

IRS 4797 Part 1 Line 2

A-Uncle

 

I need to reduce the gain on a rental property reported in 4797 Part 3. The figure I need to add in 4797 Part 1 Line 2 is for repairs to the properties mainline. This is a loss that was not depreciated. I had my return prepared this year and want to duplicate the preparers return in TT for next year. So the question is how can one navigate the TT software to populate 4797 Part 1, Line 2.

 

I see how to get 4797 Part 1 Line 2 to populate . Under Wages and Income > Rental Property > edit Rental/Royalty > Assets and Depreciation. Then go to Asset Summary. Here you can Add a Depreciable asset

Critter-3
Level 15

IRS 4797 Part 1 Line 2

Ok ... if you are using the ONLINE version you MUST convert to the DOWNLOADED version so you can access the forms directly since you are trying to enter from an already filed CPA return.   Buy the Deluxe version if you need/want to complete a state return ... the Basic if you do not. 

 

To  continue in the desktop version see this…….
https://ttlc.intuit.com/questions/1901476-how-do-i-switch-from-turbotax-online-to-the-turbotax-softw...

maps4you
Level 2

IRS 4797 Part 1 Line 2

Thanks Critter -- but I have Premier so that should be enough for this issue.

Critter-3
Level 15

IRS 4797 Part 1 Line 2

But if you need to force feed something in the program you need the DOWNLOADED version.  Of course why do you need to enter the sale at all ?  It will not be part of the 2020 return.

 

To use the interview mode then you need to enter the asset somewhere in order to sell it off and have it show on part 1 of the 4797. 

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