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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Why would you have to decide which part to put it in? You just need to enter the information and every decent tax program will do the rest. Are you doing the returns manually?Originally posted by RNuse09 View Post -
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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It does not change anything so "let sleeping dogs lie"Originally posted by RNuse09 View Post
brianEverybody should pay his income tax with a smile. I tried it, but they wanted cashComment
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