HOUSE-1250-1245-1231-HELP

[michaelmars]

on the old board some posted a house that showed how to allocate the sale of a building, anyone remember it?

[taxtrio]

I am not familiar with whatever was posted on the old board.

But, land is 1231, building with depreciation

is 1250, (part III 4797). Equipment sold at a gain is 1245(part III). Short Term is Part II front page.

If you put in code sections on disposition tab in assets it should carry to proper part of 4797.

P.S.

[michaelmars]

i know but i need the house <s>

[ajuroff]

I actually printed off what that person posted last year - it went like this.....

Imagine drawing a house like you would have when you were 5 or 6 years old.

The highest part is the roof - the building - highest number = 1250

Under that is the stuff in the building - furniture and equipment - next lowest number = 1245

The lowest part is the land it all sits on - lowest number = 1231

So it's what taxtrio said.....

[mcb39]

I actually printed off what that person posted last year - it went like this.....

Imagine drawing a house like you would have when you were 5 or 6 years old.

The highest part is the roof - the building - highest number = 1250

Under that is the stuff in the building - furniture and equipment - next lowest number = 1245

The lowest part is the land it all sits on - lowest number = 1231

So it's what taxtrio said.....

You beat me to it. I have that printed and in my file and could not operate without it. I have seen so many people today that I cannot see straight. Are we ever allowed to take an early night off? At least they are starting to pick some of their stuff up.

[michaelmars]

of course i know the tax law but i couldn't picture the house thing and my staff thought i was nuts when i said DO THE HOUSE - when they messed up the 4797. I wanted to be able to show them that other pro's knew what i was talking about - thanks for having my back

[ajuroff]

You beat me to it. I have that printed and in my file and could not operate without it. I have seen so many people today that I cannot see straight. Are we ever allowed to take an early night off? At least they are starting to pick some of their stuff up.

I don't know about an early night off. Well, tonight I'm closing at 5:00 to go to a viewing. What fun.

And don't get me started about picking their stuff up. They all want it done "yesterday" then wait two weeks to come sign!

[RitaB]

And don't get me started about picking their stuff up. They all want it done "yesterday" then wait two weeks to come sign!

Yeh, me too! What is that about?! Also, when you leave a message on their machine that their return is ready to pick up, do they call you two days later to ask what they owe IRS, and what they owe you? Like we remember their particular situation, and like they can't possibly wait till they get to your office to find out this information. Then they show up a week later: "Now, what did you say I owe you?" Then: "You know what? I forgot my checkbook, do you take credit cards, blah, blah, blah..."