I just had my first tax heart attack. Filled out 4797 for the sale of a rental proeprty. I forgot to put it in part three and instead used part 1. The property was sold at a gain. I don't think this will actually make a difference in the amount the tax payer owes. Am I correct on this?. If it doesen't affect what the tax payer owes, I wasn't going to ammend the return. Is this a good idea. Odds of the IRS questioning this if it doesen't affect the amount the taxpayer owes?
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Pro sereis
I am using proseries and it give you a choice. I of cource being brain dead today put it in the first table. WHich would put it in part 1. I am almost positive though that this will not change the amount of the return.Comment
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Just ran it in Pro Series
I just ran it correctly in pro series and it is exactly the same number that I told her she owed.Comment
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Rental Property is 1250 property and it should be reported in part 3. I am sure you can go back into the return and place the property in part 3 and see what difference it makes. You will then be able to determine if an amendment is necessary
brianEverybody should pay his income tax with a smile. I tried it, but they wanted cashComment
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Brian
I just dis that and it makes no difference in the amount she owes. I am thinking that I shouldn't even tell her.Comment
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