Form 4797 for sale of rental property

[m2m]

Please help!

Form 4797 - where do I report gain from sale? On Part I or Part III?

Condo acquired in 2000; used as 2nd residence until 2011. Converted to rental in 2011; remained a rental until sold in mid-2014.

Is  'date acquired' the original purchase date in 2000?  Or date when it was placed into service as rental?  Is there somewhere on the form to input date when it was placed into service as rental?

If date acquired is original purchase date in 2000, the amount recaptured for depreciation during 3.5 year rental period would not look right.

Also doing Schedule E for part of 2014 that it was a rental prior selling in mid-2014.
Where do I indicate on Schedule E that it was sold?


Thanks so much!

[taxref]

Part III is the correct place to start, as this is Section 1250 property.  Keep in mind that depreciation is not recaptured on 1250 property as ordinary income.  Rather, its recaptured as a capital gain subject to a maximum rate of 25%.

Without looking it up, I would recommend using the date placed in service as the date acquired.  The recaptured depreciation will look right that way, and either way this is a long-term holding period.  

I have not filled out a paper Schedule E in years (decades?) now, and I'm not sure there is a "disposed of this year" block on the paper form.  Software has such a field, so the software will know that any previously disallowed losses can be deducted.  

[m2m]

Thanks so much Taxref!