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    Land

    Client sold Rental property.

    Bldg is 1250
    Land ? (in ATX program)

    #2
    Help us out with maybe a few more details?

    If you are asking how to report the sale. I would allocated the sales price and expenses the same way the cost for land and building were originally allocated.

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      #3
      Land

      Land is reported as 1231.
      I would put a favorite quote in here, but it would get me banned from the board.

      Comment


        #4
        Originally posted by veritas
        Help us out with maybe a few more details?

        If you are asking how to report the sale. I would allocated the sales price and expenses the same way the cost for land and building were originally allocated.
        What I ment was on 4797 Land would go in Part 1, right? The software (ATX) was asking what kind of property is it. It selected 1250 for building automatically but nothing for land and there for I was asking question.

        Thanks

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          #5
          Originally posted by Unregistered
          What I ment was on 4797 Land would go in Part 1, right? The software (ATX) was asking what kind of property is it. It selected 1250 for building automatically but nothing for land and there for I was asking question.

          Thanks
          Land 1231 in 4797 part1

          Bldg 1250 in 4797 part 3
          Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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            #6
            Allocation

            Allocate sales expense between the 1231 and 1250 property.

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              #7
              Originally posted by BRIAN
              Land 1231 in 4797 part1

              Bldg 1250 in 4797 part 3

              Thank you very much!

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