Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

Is the sale of Section 1245 & Section 1250 assets both

Is the sale of Section...
Is the sale of Section 1245 & Section 1250 assets both reported in part III of Form 4797 & does this also include the assets held less than 1 year?
Show More
Show Less
Ask Your Own Tax Question
Answered in 26 minutes by:
8/15/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,476
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. my name's Lane. Looks like no one's picking this up.

...

Yes, §§ 1245 and 1250 are reported on part III.

...

Assets held less than one year are reported in part II (line 10)

...

Ask Your Own Tax Question
Customer reply replied 6 months ago
Lane,I have been unable to rate you. Do you have to do anything on your end?Thanks.

Woops sorry - didn't check the box - Thanks so much

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,476
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,476
13,476 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I sold an intangible asset held for > 1 year Copyrights
Hi, I sold an intangible asset held for > 1 year Copyrights Trying to figure out where exactly to report it … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We use to have anything over 500 as an asset, what are the
we use to have anything over 500 as an asset, what are the requirements now? 1000 or below or 10,000 below… read more
abci168
abci168
Principal
27 satisfied customers
E. What is the current ratio if noncurrent assets equal
e. What is the current ratio if noncurrent assets equal $60,000, total assets equal $95,000, and owners equity equals 70,000? (Assume that all liabilities are current) I need to understand the math… read more
Carter McBride
Carter McBride
LLM
432 satisfied customers
I have underreported depreciation on an asset because I have
Hi,I have underreported depreciation on an asset because I have misclassified the asset under the wrong asset class (it should be 15 year qualified restaurant property and I have it as 39 year propert… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My father's assets were in a revocable trust and he was the
My father's assets were in a revocable trust and he was the trustee. He placed his Federal Group Life Insurance policy into the trust. He died last July and the life insurance payout was made in Septe… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
735 satisfied customers
I have underreported depreciation on an asset because I have
I have underreported depreciation on an asset because I have misclassified the asset under the wrong asset class. How do I go about adjusting this on the next tax return? I do not want to amend last y… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
735 satisfied customers
My brother, who is an insurance agent, bought the assets and
My brother, who is an insurance agent, bought the assets and income stream from a friend's insurance agency in April, 2017 for $36,000. It was actually purchased from the friend's estate, as he passed… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,300 satisfied customers
Are non resident aliens taxed at the same rates? Are there
Are non resident aliens taxed at the same rates? Are there certain credits/deductions NRAs cannot receive? I notice if I prepare a return both ways, the resident receives a larger refund.… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,300 satisfied customers
In Tennessee what is difference — income—- assets Can Tn
In Tennessee what is difference — income—- assetsCan Tn care take my Annuinty or IRA to pay my wife's Medicaid nursing home bill?Are my Annuinty or IRA at risk… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,044 satisfied customers
A well established dentist is selling his practice assets.
A well established dentist is selling his practice assets. He is a P.C. (not an S Corp). His fixed assets are fully depreciated. 400,000 of the 800,000 selling price will be sold by him personally as … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
An S Corporation & its 2 shareholders are selling the assets
An S Corporation & its 2 shareholders are selling the assets of the Corporation. The Corporation provides corporate credit card processing services and its primary assets are the contracts with its cu… read more
Carter McBride
Carter McBride
LLM
432 satisfied customers
I sold the business assets in an installment sale. Proceeds
I sold the business assets in an installment sale. Proceeds were: … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
We have sold our business as an asset sale with, mostly
We have sold our business as an asset sale with, mostly intangible assets. How do we minimize our tax liability? What needs to be listed in the Bill of Sale for assets? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A dentist purchases the assets of a retiring dentist. The
A young dentist purchases the assets of a retiring dentist. The portion of the purchase price allocated to Dental Equipment is 150,000. The book value of the Dental Equipment on the retiring dentist's… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can I own assets in a LLC and not be a member of the LLC?
Can I own assets in a LLC and not be a member of the LLC? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,300 satisfied customers
I purchased an asset in 2013 and sold like kind asset 2016
I purchased an asset in 2013 and sold like kind asset 2016 can we use the like kind exchange on this purchase sale? the asset we sold was used as collateral for the asset purchased in 2013 … read more
abci168
abci168
Principal
27 satisfied customers
An S Corporation is selling its assets under an Asset
An S Corporation is selling its assets under an Asset Purchase Agreement. The 2 stockholders materially participate in the operation of the business. The business provides credit card processing softw… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,476 satisfied customers
How can i report one asset exchange to two assets in form
how can i report one asset exchange to two assets in form 8824? do I need to fill out two 8824 forms or just one? thanks. HL… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
691 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x