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Get your taxes done using TurboTax
If you are using TurboTax Online, I can't tell you how to get the gains from you Section 475(f) activity to flow to Part II of Form 4797; however, if you are using TurboTax Desktop, it's pretty simple. In Turbotax Desktop:
- Click on the Forms icon in the upper right of your screen.
- This will you to the Forms mode
- Click on "Open Form" if the upper left of your screen
- Click on Form 4797 p1: Sales of Business Property
- Scroll down a little to the entry table
- Enter your gains from your K-1. You can use Various as Date acquired, 12/31/2024, as Date Sold, and a cost basis of $0.Your gain will be reported in Part II of Form 4797
If you are using TT Online and want to switch to Desktop, see the following for instructions: How do I switch from TurboTax Online to TurboTax Desktop?
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‎April 6, 2025
6:21 PM