topic Think I found a calculation error in Form 4797 in Get your taxes done using TurboTax

Think I found a calculation error in Form 4797

Bruce G — Wed, 17 Mar 2021 05:07:22 GMT

I'm trying to finish up my Rental Property sale in TT for Business and in the summary of Part III Gains on form 4797 sale of business property. On line 30 I have a total gain of $335,646. Line 31 is $0. Line 32 is also $0. The form states on line 32; subtract 31 from 30, so I would think that it should be $335,646. but as I said it shows $0 for the amount. Any pros want to verify that I'm right or if not, why. TIA Bruce.

Re: Think I found a calculation error in Form 4797

DaveF1006 — Mon, 22 Mar 2021 22:14:42 GMT

Yes, I believe it should but before we proceed further with this. Look at your Schedule 1 Line 4 to see if that number is reflected.

Re: Think I found a calculation error in Form 4797

Bruce G — Mon, 29 Mar 2021 23:57:21 GMT

Also noticed that Net gain (loss) from Form 4797, line 17 also doesn't populate to the 1120s line 4 as well. I've tried to contact TT but all I'm getting is the run around.

Re: Think I found a calculation error in Form 4797

jsc11 — Sun, 09 Apr 2023 02:02:33 GMT

I have the same problem. Turbo Tax just calculated the gain incorrectly. Likewise the "experts" at Tubo Tax are worthless.