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substitute statement) that you are including on line 2, 10, or 20. See instructions . . . . . . . . . . . 1. Part I Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than Casualty or Theft—Most Property Held More Than 1 Year (see instructions) 2 (a) Description of property (b) Date acquired
4797. Use Part III of Form 4797 to figure the amount of ordinary income recapture. The recapture amount is included on line 31 (and line 13) of Form 4797. See the instructions for Form 4797, Part III. If the total gain for the depreciable property is more than the recapture amount, the excess is reported on Form 8949. On Form 8949,
developments related to Form 4797 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form4797. General Instructions Purpose of Form Use Form 4797 to report the following. • The sale or exchange of: 1. Real property used in your trade or business; 2. Depreciable and amortizable
Report the gain or (loss) following the instructions for Form 1065, Schedule K, line 10, or Form 1120-S, Schedule K, line 9. Skip lines 8, 9, 11, and 12 below.
Apr 15, 2024 · Answer. Report the gain or loss on the sale of rental property on Form 4797, Sales of Business Property or on Form 8949, Sales and Other Dispositions of Capital Assets depending on the purpose of the rental activity. Individuals typically use Schedule D (Form 1040), Capital Gains and Losses together with Form 4797 or Form 8949.
Who Can File Form 4797: Sales of Business Property? According to the IRS Instructions for Form 4797, you should file this Form with your return if you sold or exchanged any: Real property used in your trade or business. Depreciable and amortizable tangible property used in your trade or business. Oil, gas, geothermal, or other mineral properties.
Use Part III of Form 4797 as a worksheet to figure ordinary income under the recapture rules. Enter on Form 8824, line 35, the amount from Form 4797, line 31. Don't attach the Form 4797 used as a worksheet to your tax return. Report the amount from line 35 on Form 4797, line 10, in column (g). In column (a), enter “From Form 8824, line 35.”
