gain on sale of business asset, real property, reported 2x

[bbxrider]

on the " S Corporation Shareholder Stock Debt Basis Limitations Worksheet", the gain from the sale of real property, is listed 2x, line g net capital gains and line h net section 1231 gain.

Not sure how that happened? it seems the calculations and therefore the gain should only be 1 section so the gain is not reported 2x.

I don't remember any instructions on how to report the disposition/sale and the resulting gain in only one section and some questions about the sale that would lead to one section or another.

Also I started to amend the return in TT and it seems to be the same process as filing the original return? I'm guessing at some point there will be functionality to distinguish between the  new and old info?

[ThomasM125]

A section 1231 sale would be from the sale of real property as opposed to a normal capital gain that would be from the sale of investments typically. Since you see entries for both of those, you should look on your Schedule K lines 8 and 9 to make sure you didn't report any sales twice.

The amended corporate return will look like the original return, it will just have the box in Part H #4 on the Form 1120-S page 1 checked that says Amended return.

[Mike9241]

ignore if this is for preparing the S-Corp return. for your 1040 return the 7203 is entirely manual input nothing carries from the k-1. section 1250 is not taxable income but merely for determining how the 1231 gain is taxed. only enter the 1231 gain of the 7203

[bbxrider]

there was a sale of real property that I also reported as a company investment which it was, it was a remodel project, it evidently was not clear to me which it is. Is it at the tax payer discretion how to report it? Real property with a building and land would seem potentially more complex to separate out the building and land portions. My choice now would be to report only as an investment to keep the accounting less complex.