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

How do I change a sale from a long-term to short-term treatment or vice versa?

Answer

Information entered in force fields to control how a sale is reported. The statement dialog for the Capital gains / losses field on Screen Income in the Income folder provides a force column for the holding period to enter sales of capital assets. Enter 1 for short-term treatment, 2 for long-term treatment, or 3 for 28 percent rate treatment. Also, press F4 to view the options available.

Screens Sale and InstPY provide a treatment field. The following are the options available on these screens.

• 1 - Form 4797, Part I, Long-term
• 2 - Form 4797, Part II
• 3 - Form 4797, Part III, Long-term
• 4 - Not Used in Trade or Business
• S - Schedule D, Short-term installment
• L - Schedule D, Long-term installment
• M - Schedule D, 28 percent rate installment
• V - Schedule D, 1202, 100 percent excludable
• X - Schedule D, 1202, 50 percent excludable
• Y - Schedule D, 1202, 75 percent excludable
• Z - Schedule D, 1202, 60 percent excludable

Related topic: 1041-US: Business and capital asset sale information FAQs

Was this article helpful?

Yes No

Submit