Form 4797, Part 1, 2f

[DDB502]

Can someone please explain how the number in Form 4797, Part1, 2f is calculated (i.e., what's included), why it's so high and why it differs from Part 2, Line 24?  It results in a huge deduction from my capital gain on this property sale and I'm not sure why.  Here are screenshots from my form.

[DDB502]

So, I just figured out that the calculation doubled my original cost basis and put it in that line!  Not sure why but will reach out to TurboTax asap.

[KrisD15 · Accepted solution]

It looks like the sale was entered twice.

Did you get a K-1 for the sale and are you also reporting the sale on your individual tax return? 

If you did get a partnership K-1, does it report your portion of the sale? 

Do you have more than one asset to the sale, such as a rental house and also a stove and carpet connected to that house? 

Is this the same property?

For one entry/property it shows a purchase cost of 954,721 but for the other entry it is reporting cost of only 499,895.

One section is reporting 115,930 depreciation and the other section lists 102, 854.

They both have the same sale price. 

Can you provide more information please?

[DianeW777]

If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help.  If you would like to do this, here are the instructions:  (Don't forget to give us the state)

TurboTax Online:

Open your return -Go to the menu panel on the left side of your return and select Tax Tools. 

1. Then select Tools below Tax Tools. 
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent. 
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
5. Reply to this thread with your Token number and your state. This will allow us to open a copy of your return without seeing any personal information.  

TurboTax Desktop:

If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps:

1. Click on Online in the top left menu of TurboTax CD/Download for Windows
2. Select 'Send Tax File to Agent'
3. Write down or send an image of your token number and state then place in this issue.
4. We can then review your exact scenario for a solution.
5. Please also tell us any states included in the return. This is necessary for us to view the return.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution. 

[DDB502]

That's exactly what happened.  I reported the sale twice, once on my schedule E entries and once on the Sale of Business section.  Ugh, 1h 15m on the phone with support and I figured out the error myself.  Thank you for jumping in!

[MaryK4]

Thank you for joining us today and please feel free to let us know if you have any other questions.  @DDB502