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

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.

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