Think I found a calculation error in Form 4797

Forum|Forum|5 years ago
March 17, 2021
1 reply
21 views

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.

TurboTax Business Windows

DaveF1006

Level 15

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.

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Bruce GAuthor

Level 2

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.