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  1. Form 3115 is filed the first year you file as MTM, for example: if 2021 will be your first year MTM, you would send the statement of election with your 2020 return, and Form 3115 would be filed with your 2021 tax return. Form 3115 is also where you attach your section 481 adjustment - see How to Report Gains and Losses on IRS Form 4797.

  2. Dec 31, 2020 · If the estate or trust isn't reporting a gain on Form 4797, line 7, skip lines 1 through 9 and go to line 10. 1. If the estate or trust has 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 the ...

  3. 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 ...

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