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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 does UltraTax CS data share the dispositions of qualified real property sold at a gain?

Answer

Sales of qualified real property, for which section 179 expense deduction was claimed, pass through a partnership or S Corporation via Schedule K-1. UltraTax CS will separately report those sales on Schedule K-1 and data share the information to separate Screens K1Sale.

The 1245 / 1250 percentage is applied to all amounts with data shared to Screen K1Sale in the year of sale. If the qualified real property asset was sold on the installment basis, the 1245 / 1250 percentage data shares to the Qualified Real Property Section 1245/1250 Percentage field and an X data shares to the Apply Qualified Real Property Percentage to current year payments received field.

Related topic: Qualified real property FAQs

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