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Report gain when depreciation is recaptured on Form 4797

If you have a long-term gain from a casualty or theft of depreciable property, you may need to recapture the gain as ordinary income. Follow these steps to report the gain on Form 4797, Part III.
  1. Go to the
    4684B
     screen.
  2. Enter
    X
     in the
    Gain reported on Form 4797, Part III
     field.
  3. Go to the
    Sale
     screen.
  4. Enter
    X
     in the
    Disposition due to casualty / theft
     field.
    note
    When you recapture the gain, the capital portion reports on Form 4684, line 33. The ordinary portion of the gain reports on Form 4797, line 13.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary

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