Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-04-2014, 08:33 PM
Junior Member
 
Join Date: Mar 2014
Posts: 1
Please Help with Depreciation 4797 & 1120S

Hi,

I was hoping someone could please provide a bit of guidance.

Background:
I started an S Corporation to manage a rental condominium.
Date Acquired: 6/25/08 $119,000
Dated Sold: 7/31/13 $142,000

Repairs before sale Aprox $8,500
Which I assume will be listed in form 8825

From 2012 1120S Schedule L
10a Building Other Depreciable Assests Beginning of Yr $110,000 End of Yr $110,000
b Less Accum depreciation Beginning of Yr $7,456 End of Yr $11,079

Questions:
After selling the property, I would like to close the Corp. From what I’ve gathered, I need to complete a 4797 form. I do not understand the section179 or depreciation thus I included the above mentioned information. However the property was owned for more than 1 year so I began in Part 3 of form 4797
Line 20 This is the complete sale price $142,000 correct?
Line 21 This does not pertain as there was no oil recovery or disabled credit. Correct?
Line 22 Depreciation Does this pertain? If so how do I calculate?

In short I do not know what “section” the property is considered.
I'm assuming it is section 1250 because it is residential rental property, not low-income held for more than one year
.

Line 26 a-g (I need help with this whole section)
How can I determine if straight line depreciation was used? It seems as though there was a 3.3% each year on the 1120s Schedule L. (Info mentioned above in Background)

Further can someone also please clarify how form 4797 will be reflected onto form 8825 and ultimately 1120s?

Sorry for the terribly remedial questions but I can’t seem to fully understand recapturing depreciation, section 179, or much of any of this for that matter.

Thanks so very much in advance for your help.


Last edited by yoshimi28 : 03-04-2014 at 10:05 PM. Reason: wanted to add info


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning