1065-US: Reporting the current-year sale of an asset (FAQ)

Alerts and notices

Question

What input screens are used to report the current-year sale of an asset?

Answer

  • Screen Sale - Use Screen Sale to enter sale information for an asset without a section 179 expense deduction. The sale information that you enter in Screen Sale is used to complete Forms 4797 and 6252.
  • Screen SalePT - Use Screen SalePT to enter sale information for an asset with a section 179 expense deduction. The sale information that you enter in Screen SalePT is separately stated on Schedule K, line 20c and Schedule K-1, box 20, code L.
  • Screen K1Sale - Use Screen K1Sale to report separately stated sale information for an asset with a section 179 expense deduction on Schedule K-1, box 20, code L from a passthrough entity in which the partnership is a partner. The sale information that you enter in Screen K1Sale is separately stated on Schedule K, line 20c and Schedule K-1, box 20, code L.

Related topic: Forms 4684, 4797, 6252, and 8824 and Schedule D FAQs (1065)