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Form 4797 Part ii Line 10 -- sold de minimis deducted property
Where/how on TT do I enter the sale of business property which was deducted under the de minimis safe harbor? This needs to be reported on Form 4797, Part ii, Line 10. I think it's taxed as ordinary income (not capital gain rates). I entered it as sale of business property, but TT wants me to enter prior depreciation for which there is none. TT seems to be putting this on Form 4797 Part III, but it belongs on Part II. Thanks.
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‎April 26, 2020
5:27 PM