New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Why isn't there a way to separately elect unrecaptured section 1250 gain?

Answer

Per the IRS, unrecaptured sections 1250 gain can not be elected separately from the elected net capital gain. In accordance with IRS instructions, UltraTax CS will calculate the amount of unrecaptured section 1250 gain included in elected farm income as the smaller of the elected net capital gain or the unrecaptured section 1250 gain attributable to the farming or fishing income field.

Related topic: Schedule J FAQs (1040)

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