1040-US: Designating a sale as long-term or short-term

Show expandable text

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 long-term to short-term treatment or vice versa?

Answer

Force fields allow you to control how a sale is reported. Sales of capital assets entered in Screen B&D's Schedule for detail statement dialog provides a force column for your use. Enter 1 for short-term treatment, 2 for long-term treatment, or 3 for 28 percent rate treatment. You may also press F4 to view the options available.

Screens Sale and InstPY provide a treatment field for your use. The options available on these screens are:

  • 1 - Form 4797, Part I, Long-term
  • 2 - Form 4797, Part II
  • 3 - Form 4797, Part III, Long-term
  • S - Schedule D, Short-term installment sale
  • L - Schedule D, Long-term installment sale
  • M - Schedule D, 28% rate installment sale
  • X - Schedule D, 1202, 50% excludable
  • Z - Schedule D, 1202, 60% excludable

Was this article helpful?

Thank you for the feedback!