Reporting sale of rental and land

[jainen]

Why? How?

>>If you add land and buildings together on Page 2 of Form 4797, aren't you going to come up with 50K Section 1250 gain on Schedule D<<

Why? How? It all goes back to Page 1 anyway, so Line 7 ends up exactly the same. Schedule D picks up that amount of gain as a single number. Nothing on the 4797 tells Schedule D how much of it is Section 1250 gain. 4797 doesn't even calculate that, unless you fill out lines 26a-f which it TELLS you to skip.

[oceanlovin'ea]

How did my name get in this post?

>>You just think you can get away with mocking another post<<

Golly, I've really messed up my reputation here, haven't I? You know, I took Black Bart's pledge almost a year ago, and stayed with it too, but I'm still being accused of "mocking another post." BB himself notoriously labeled me "dadgum" just this morning, and never acknowledged my defense concerning Linda's question. Well, if Linda herself doesn't speak up for me pretty soon, I might have to just give it all up.

.

How did my name come up in this post? Bonnie was the original poster and I didn't post any replies.

Are you talking about on another post?

Linda F

[jainen]

to be helpful

>>How did my name come up<<

Well, Linda, I confess it was I who first mentioned you, not in this thread but in the one called "Jainen." And I only did that to defend my good name by reference to our wholely innocent relationship of which I spoke highly. If you are curious, you can spend the rest of the afternoon reading all this, but I was just hoping you could give your side of the story as to whether you found my responses to your questions to be helpful.

[oceanlovin'ea]

Jainen

Okay, I found the post. Didn't take me all afternoon, either. Thank you for the compliment. I try to give all the facts when I need help. But sometimes you don't know tht you have left out valuable information until someone asks for more details.

But I really do appreciate all the help I get from ALL of you.

Linda F

[jainen]

much obliged

>>I try to give all the facts<<

Okay, I appreciate that, but this is not the time for it. George has accused me of putting my tongue -- well, never mind that, but he says I'm mocking other posts, as if no thinking man could ever truly agree with Old Jack. And then Black Bart gives this, well, as long as mocking is under consideration I'll just point out that he admits to "layin' it on a bit thick."

So obviously nobody is much interested in facts today. If you could just offer your opinion, Linda, I would be much obliged.

[oceanlovin'ea]

Tired

I'm too tired at the moment to read this thread all the way through so that I can comment. I will do it later and then I will answer you. Ok? Ok.

Linda F

[Black Bart]

Cain't catch a break today, can you j.c.?

>>I try to give all the facts<<

Okay, I appreciate that, but this is not the time for it. George has accused me of putting my tongue -- well, never mind that, but he says I'm mocking other posts, as if no thinking man could ever truly agree with Old Jack. And then Black Bart gives this, well, as long as mocking is under consideration I'll just point out that he admits to "layin' it on a bit thick."

So obviously nobody is much interested in facts today. If you could just offer your opinion, Linda, I would be much obliged.

That's the way it goes nowadays. You cain't give a trophy to just one player, you have to give one to the whole team.

Sorry if my apologia lacked the tone of sincerity; actually you're a pretty good ol' shoe. And further (disregarding the money-saving issue), as y'all have concluded, the deal's gonna be punched in and run right on through the pipeline without a hitch no matter how it's listed -- separately or all together.

[jainen]

anything like that

>>Cain't catch a break today, can you j.c.?<<

Ah, well. I'm used to standing on my own. Nobody's forced to read my posts, so if they don't like what I say or how I say it, they can change their own ways.

It's pretty tame and playful banter anyway, especially compared to a couple of late-file clients I'm working on this weekend. First there was the new client who called me unprofessional for not telling him how much tax he owed before I finished his return. I have to admit to a bit of slack in that one, because I assumed (with dramatic failure) that the W-2s would take care of themselves when I got around to entering them.

Now there's this other guy who swears his wife should never have given me those foreign W-2's because it was nothing but Chinese chicanery when the company sold out and he never got that $190,000. And I sure hope he's right about that because it's pretty clear they withheld the normal 20%, and the IRS just might wonder what it is 20% of. Not that Treasury is much interested in Chinese trade or anything like that.

[S T]

Don't you have extensions to prepare

Jainen,

We love you, but don't you have some extensions or returns to finalize! Some if not most of us are still "crunching" due to the extra 2 days, I had hoped my clients would not find out about the due date extended to 4/17/07.

Keep "cruising" the posts and lead us in the direction we need to look!

Sandy

[jainen]

then I can start on my own

>>don't you have some extensions or returns to finalize<<

You're right. This has been an expensive hobby!

Actually, I've been working all day, and defending my honor all the while. I just ran out for a delivery -- gave 'em the kid's return for free! Now I have one complicated extension to do from scratch, and then I can start on my own.

[S T]

Glad I am not alone

You are just procrastinating if you have a "toughie" extension. I have a couple of not so tough extensions left, before I can even get to my extension! Oh well!

Thank goodness for Monday still!

So get to work, but be mindful and see if you can help with any posts!

Sandy

[JG EA]

A balanced 4797

Of course the real reason to correctly put the land on Part I and the depreciable portion on Page 2 is to have a balanced 4797. If all your numbers are on page 2 then page 1 would be very lonely with only a couple of numbers on it.

That is why Schedule R is so seldom used, because page one got so lonely with only one X on page 1.

[OldJack]

Well.... I did my own return on Sat, slept on Sun, and today I am going to mow the grass. Good luck to all.