Thanks, Patricia for your help! I really, appreciate it!
This will confirm that the total Gain that appears on Form 4797 p2 Line 24 does NOT match the amount on Asset Wks Line 31. Form 4797 p2 Line 24 amount is 288,234 while Asset Wks Line 31 is 241,028.
These are the amounts from the Asset Worksheet:
Line 4: Total cost when asset was acquired: 71,209
Line 8: Total amount of land included in cost: 490
Line 10: Prior depreciation: 22,182
Line 11: Depreciation deduction: 1,821
Line 21: Asset sales price: 330,000
Line 22: Asset expense of sale: 41,766
Line 31: Gain or loss: 241,028
Line 52: Depreciable basis: 70,719
Line 57: AMT depeciable basis: 70,719
This is what Form 4797 reflects:
Line 20: Gross sales price: 330,000
Line 21: Cost or other basis plus expense of sale: 42,100
Line 22: Depreciation (or depletion) allowed or allowable: 334
Line 23: Adjusted basis : 41,766
Line 24: Total gain: 288,234
Line 25a Depreciation allowed from line 22: 334
Line 30: Total gains for all properties: 288,234
Line 31: Add property columns A through D, etc: 334
Line 32: 287,900 (this is the amount then entered onto Line 6)
Could you provide some clarity? Again, thanks for your help!
