I am filling out Form1065 in TurboTax Business 2021 Desktop. It calculated a section 1250 gain on Line 9c of Schedule K, Form1065, Page 4 because I sold depreciated rental property.
I would like to see the details of that calculation, but I can't find it. Right-clicking and going to Data Source says it comes from Form 4797, but that only gives me the amount on line 10.
Any ideas?
The amount on Schedule K-1 Line 9C (Unrecaptured Section 1250 gain) comes from the Asset Entry Wks for the sold asset (Depreciation deduction), multiplied by the Profit/Loss Percentage on Sch K-1, Line J. Section 1250 Gain is the total of current and accumulated depreciation from the Asset Entry Wks. There is no supporting schedule that shows this calculation, but you can see a summary of the sale calculations on form Addl 4797, p2.
The amount on Schedule K-1 Line 9C (Unrecaptured Section 1250 gain) comes from the Asset Entry Wks for the sold asset (Depreciation deduction), multiplied by the Profit/Loss Percentage on Sch K-1, Line J. Section 1250 Gain is the total of current and accumulated depreciation from the Asset Entry Wks. There is no supporting schedule that shows this calculation, but you can see a summary of the sale calculations on form Addl 4797, p2.
I did an installment sale on a depreciated property so that is making the calculations more indirect. I was hoping TurboTax would show me the numbers it used to arrive at the total, but that is apparently not visible. I was able to do my own calculation and get to the same result so all is good for me now.
Thanks for your help!