@Anonymous_ wrote:
Thus, if the phone had been held longer than one year, the transaction belongs in Part I. If held for one year or less, it is entered in Part II.
I disagree. The OP is correct, and as far as I know, TurboTax (and ProSeries) is faulty in this situation and can not handle this correctly without an override.
As is noted in the Instructions for Form 4797, an Abandonment goes in Part 2 of 4797. If you put it in Part 1, it incorrectly affects the 1231 carryover rules.
