What is difference of Form 4797 Part I gross sale price in line 2(d) vs Part 3 line 20 ?

Forum|Forum|7 years ago
June 5, 2019
4 replies
37 views

I believe i entered info correctly, however, i seem to get LAND sales price (which technically is included in the gross sales price in Line 2(d), and the gross sales price in Part III (less the land value)?

TurboTax Premier Windows

Critter

Level 15

When you sell a depreciated asset that has land combined with it then you sell off the land & the asset separately on the form 4797... so the total of the Part I gross sale price in line 2(d) for the land AND Part 3 line 20 for the asset should be the total sale price on the 1099-S.

-7269

Level 2

I am iness as an independent contractor in 1969, developed a devoted following, and am nowNOT selling land or any other hard asset! My question is why, therefore, is Turbo Tax using 4797 instead of Schedule D? There is no depreciation either. I started working in the business in 1969, developed a strong client following, and am now "passing the torch" to a highly qualified person whom I trust will treat them right. Rather than pay me an individual referral fee, she is paying me a lump sum in 3 installments.