Joel Posted March 16, 2014 Report Share Posted March 16, 2014 On page 2 of the form 4797 line 32 is not calculating. My form version is 92. I deleted the form and then added it back into the return, but with the same results. Is anyone else having this problem? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 16, 2014 Report Share Posted March 16, 2014 Is it a partnership or S corp? If so, it might be because of Sec 179 recapture. The gain doesn't go on the entity return but as supplemental info on the K1. Quote Link to comment Share on other sites More sharing options...
Joel Posted March 16, 2014 Author Report Share Posted March 16, 2014 This is the sale of a rental home and an installment sale of a different rental home. Page 2 numbers flow down to the bottom of the form with line 30 amount $10562 and line 31 amount $2517. The instructions for line 32 are to subtract line 31 from line 30. ATX result is $0 when it should be $8045. This number then flows to line 6 on page one since it is not a casualty or theft gain. Will someone check their program for form version and calculations? Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 16, 2014 Report Share Posted March 16, 2014 I have version 92 and my calculations seem to be okay but I had only 1250 property on part III and tracing back all the calculations for that section, line 31 was zero. On mine, lines 30 and 32 are the same with line 31 as zero. Wouldn't it be great to see the formulas for some of these things? Quote Link to comment Share on other sites More sharing options...
mcb39 Posted March 17, 2014 Report Share Posted March 17, 2014 I have version 92 of the 4797 and also have the sale of a rental property. My line 32 shows $18961; which is not a happy issue for the taxpayer. My only suggestion at the moment is to check over your input sheet very carefully. Thankfully, on 3/7 in post 184094, krissi0521 outlined the steps for reporting Sale of Rental Property. I printed it at the time because I knew I had one coming up and the instructions were immensely helpful to me. 1 Quote Link to comment Share on other sites More sharing options...
Joel Posted March 18, 2014 Author Report Share Posted March 18, 2014 Found the answer. (Actually ATX tech support did) Because the property is being sold on an installment sale the line 32 amount of the gain is not reported here but on line 4 of page 1 of the 4797. If it had not been an installment sale, all of the gain would have been reported on line 32. In this case the gain is being held on form 6252 and prorated out based on the payments received each year. 2 Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 18, 2014 Report Share Posted March 18, 2014 So even though only one property is an installment sale, the gain is prorated for both? Wonder why. Quote Link to comment Share on other sites More sharing options...
Joel Posted March 19, 2014 Author Report Share Posted March 19, 2014 All the other gains were 1045 gains. Quote Link to comment Share on other sites More sharing options...
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