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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 Part III. If the total gain for the depreciable property is more than the recapture amount, the excess is reported on Form 8949.
- About Form 4797, Sales of Business Property
Information about Form 4797, Sales of Business Property,...
- 2023 Form 4797
4797 Department of the Treasury Internal Revenue Service...
- About Form 4797, Sales of Business Property
Part II- Property held less than 1 year. If a transaction can't be reported in Part I or Part III of Form 4797 and the property isn't reported on Schedule D as a capital asset, report the transaction in Part II. Part III- Section 1245.
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Dec 26, 2023 · Part II: Calculating Ordinary Gains and Losses. In Part II, report gains and losses not included in Part I. This includes sales of property held 1 year or less and depreciable personal property. Use the Form 4797 calculator provided by the IRS to help compute your ordinary gains and losses for each transaction.
Jun 9, 2023 · 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. Part II: Ordinary Gains & Losses. Part III: Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255.
Nov 24, 2023 · Property held for a year or less and sold for a loss is recorded in Part II: Ordinary Gains and Losses. Capital assets held for more than a year and sold for a profit fall in the section...
