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  1. If you aren't reporting a gain on Form 4797, line 7, skip lines 1 through 9 and go to line 10. 1. If you have a section 1250 property in Part III of Form 4797 for which you made an entry in Part I of Form 4797 (but not on Form 6252), enter the smaller of line 22 or line 24 of Form 4797 for that property. If you didn't have any such property, go ...

  2. Leave columns (b) through (g) blank. In column (h), report the amount of the included section 1231 gains from Form 4797 as a negative number (in parentheses). For example, if $75,000 was reported in column (g) of Form 4797, report ($75,000) in column (h) of Form 8949. For the second row, enter the EIN of the QOF investment in column (a).

  3. Form 8949 is needed and when it isn't. Use Form 4797 to report the follow-ing. 1. The sale or exchange of: a. Real property used in your trade or business; b. Depreciable and amortizable tan-gible property used in your trade or business (but see Disposition of Depre-ciable Property Not Used in Trade or Business in the Form 4797 instructions); c ...

  4. Information about Form 4797, Sales of Business Property, including recent updates, related forms and instructions on how to file. Form 4797 is used to report the details of gains and losses from the sale, exchange, involuntary conversion, or disposition of certain business property and assets.

  5. Don't complete columns (b) through (f) on line 2 of Form 4797. Instead, enter "From Schedule K-1 (Form 1120-S)" across these columns. If the amount is a loss from a passive activity, see Passive Loss Limitations in the Instructions for Form 4797. After applying the limitations on losses and deductions, report the loss following the Instructions ...

  6. Form 4797 to report sales, exchanges, and involuntary conversions (not from a casualty or theft) of trade or business property. Form 6198 to apply a limitation to your loss if you have a business loss and you have amounts invested in the business for which you are not at risk. Form 6252 to report income from an installment agreement.

  7. See Schedule A to Form 8971—Consistent basis reporting under Column (e)—Cost or Other Basis, later, for more information on consistent basis reporting and the amount you will report on Form 8949. Individuals. Individuals use Form 8949 to report the following. • The sale or exchange of a capital asset not reported on another form or schedule.

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