K1 Box 17 K * STMT

[MCY1]

I did my S-Corp's Schedule K in TurboTax for Business. Not I'm trying to complete my 1040 in TurboTax, and it requires entering the Sch K information. The Sch K has Box 17 Code K listed as "* STMT" where I know to leave that box black and continue on the TurboTax interview process to enter some older asset dispositions that previously used Sec 179 deductions (100%) from the year of purchase (back in 2018 and 2019).

The interview process is asking for each disposition the below info. I can see several columns in the Schedule K-1: Section 179 Disposition Report that don't exactly seem to correspond to the below required TurboTax info where I have put a ??? beside the items to get help with the column mappings:

1) Description, Purchase Date, Sale Date

2) Purchase Price (??? - not listed on the Disposition report: I know the purchase price was the Cost Basis, so do I just use that same Cost basis column F)  

3) Sales Price

4) Expense of Sale (??? - do I just use that same Cost basis column F which also says expense of sale)

5) Depreciation

6) Depreciation AMT

7) Section 179 Expense

😎 Section 179 Disallowed (??? - not listed on the Disposition Report)

Thank you for your help in advance.

- MCY

[PatriciaV]

The detail for Box 17 Code K should appear on page 2 of Schedule K-1 under Additional/Supplemental Information. If you didn't fill this out when you prepared the K-1s for Form 1120S, you will need to go back and complete the K-1 to include the sale information from Form 4797. All shareholders will need this detail to complete their personal tax returns.

For your other questions:

1) Purchase Price - the amount the asset was sold for, not necessarily the net amount that was received by the seller.

4) Expenses of sale are commissions and other costs paid out of the proceeds.

8 ) Section 179 Disallowed, if any, should be included on Form 4797 page 2.