DavidD66
Expert Alumni

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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