I am dumb founded. I have recorded plenty of asset sales before and also sales of personal residences, never had a problem with showing correctly on 1040 but not today.
T/P sold home that was rented for one year at a loss. Since depreciation does not need to be recovered, all I basically have is a sale of a residence. However, I need to make entries on the Asset Entry Worksheet. The result ProSeries shows on Form 4797 part 1 is zero loss, which is correct.
BUT why doesn't it show the loss since all the information on the asset entry worksheet point to a business asset. I looked at all the boxes but could not find anything indicating otherwise. What am I missing?
T/P sold home that was rented for one year at a loss. Since depreciation does not need to be recovered, all I basically have is a sale of a residence. However, I need to make entries on the Asset Entry Worksheet. The result ProSeries shows on Form 4797 part 1 is zero loss, which is correct.
BUT why doesn't it show the loss since all the information on the asset entry worksheet point to a business asset. I looked at all the boxes but could not find anything indicating otherwise. What am I missing?
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