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Federal input screens

Screen K1Sale - Form 1065/1041 Schedule K-1 - Sale of 179 Asset (1065)

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Overview

Use this screen to enter current-year sale and prior-year installment sale information for sales of assets for which a section 179 expense deduction was previously passed through from a passthrough entity in which the partnership is a partner.
Data sharing
The application lets you share Schedule K-1 financial data among all 1040, 1041, 1120, and 1065 clients automatically. For clients that are partners in a partnership, the application lets you share the Schedule K-1 financial data in total or by activity. (The application can transfer financial data
into
 1120C, but not
out of
 these clients.)
note
You'll need to review all data you share among clients.

General Information

Use this section to enter information that applies to current-year sales and prior-year installment sales of assets for which a section 179 expense deduction was previously passed through from the passthrough entity.
Description
Enter the description of the asset. This field is mandatory.
Disposition due to casualty or theft
Enter
X
 if the disposition was due to a casualty or theft. Enter
X
 only if you entered code
3
 in
Treatment
 in this screen.

Sale Information

Use this section to enter information for sales of assets for which a section 179 expense deduction was previously passed through from the passthrough entity.
Date acquired / sold
Enter
V
 to print "Various" for the date on the return. Enter
I
 to print "Inherit" for the date on the return.

Installment Sale Information

Use this section to enter installment sale information for assets for which a section 179 expense deduction was previously passed through the partnership to the partner.
Qualified real property section 1245/1250 percentage
The application proformas the qualified real property section 1245/1250 percentage to this field when the prior year qualified real property asset was data shared from a partnership and sold on the installment basis.
note
  • In the year of sale, the information related to a qualified real property asset sold at a gain, is data shared from the partnership return to two separate
    K1Sale
     screens. The application applies the section 1245/1250 percentage to all the amounts data shared to the
    K1Sale
     screen.
  • If you enter the full amount of the payment received in
    Total current year payments received
    , enter
    X
     in
    Apply qualified real property percentage to current year payments received
    .
  • If you enter the payment received after applying the section 1245/1250 percentage in
    Total current year payments received
    ,
    clear
     the X in
    Apply qualified real property percentage to current year payments received
    .
Apply qualified real property section 1245/1250 percentage to current year payments received
The application proformas an
X
 to this field when a percentage is proforma’d to
Qualified real property section 1245/1250 percentage
.
note
  • If you enter the full amount of the payment received in
    Total current year payments received
    , enter
    X
     in this field.
  • If you enter the payment received after applying the section 1245/1250 percentage in
    Total current year payments received
    ,
    clear
     the X in this field.
  • In the year of sale, the information related to a qualified real property asset sold at a gain, is data shared from the partnership return to two separate
    K1Sale
     screens. The application applies the section 1245/1250 percentage to all the amounts data shared to the
    K1Sale
     screen. The application proformas these amounts when the asset is sold on the installment basis.
Total current year payments received
Enter the total amount of the current-year payments received that have been applied to principal. Don't include interest.

Related Party Installment Sale Information

Was the property sold a marketable security?
Enter
1
 for Yes or
2
 for No. If you leave this field blank and enter related party information, the application answers No.

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