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Sales of AssetsDrake Software User’s ManualSales of AssetsFigure 5-19: File name includes data path, file name, and file extension5. From the Start import at field, select the line at which to start the import. Forexample, if the Item 1 row in the transaction list is column header information,choose to begin import at item 2.6. Click Next.7. After verifying that the information is correct, click Finish.Screen D is opened, listing all imported transactions. (If more than one screen D isrequired, an Existing Forms List is shown. Double-click a row to view the screen.)Use the 4797 screen to enter non-recaptured losses. These fields are located in thePart IV, Decline in Business Use section of screen 4797. For sold property listed onForm 4797, depreciation sometimes must be recaptured as ordinary income. (Forinformation on depreciating sold assets in Drake, see “Depreciating Sold Assets” onpage 145.)1099-STransactionsEnter data from Form 1099-S, Proceeds from Real Estate Transactions on the 4797screen. Select 1099-S transaction, located near the top of the 4797.Installment SalesTo enter an installment sale:Screen code: 62521. For the sold asset, complete the Date sold field on the 4562 screen.2. Complete a 4797 screen for the asset, indicating with a “Y” that the sale is alsoreported on Form 6252.3. Complete a 6252 screen for the asset.4. View the return. Note that two 4797 forms are generated, making the return ineligiblefor e-filing.• If recapture is necessary, the two 4797 forms cannot be avoided. The returnmust be paper-filed.• If there is no recapture, you can delete the 4797 screen for the asset and recalculatethe return.Look at line 31 of Form 4797 for the recapture amount (if any).Basis of Primary ResidenceScreen code:HOMEPrior to tax year 2008, the HOME screen in Drake was used for tracking the gain orloss on the sale of a home in the year of sale for reporting on Schedule D or Form4797. This screen has been revised in 2008 to be used for the following purposes:• Reporting the sale of a primary residence• Entering data to determine the taxpayer’s basis in the primary residence98 Tax Year 2008