Fill Form 4797 Info 2022-2023

Music good morning everyone and welcome to today's class called sale of home we're going to be taking a close look at the important rules that we should be aware of when we're dealing with the sale of a personal residence and we're just going to quickly flash past the course objectives and the table of contents onto page three of the manual where we're going to be looking at the introduction and to start our introduction your home is considered to be a personal youth capital asset and the following tax rules normally apply to the sale of personal use capital assets firstly if you have a loss on the sale of a personal youth capital asset that loss is not normally reportable and any loss that you might have is not deductible conversely if you sell a personal use asset for a profit that is at a gain then the gain on the sale of that personal use asset is taxable so the iris doesn't give but it sure wants to take in that scenario now when it comes to the sale of your main home though special rules may allow you to exclude a portion or all of your gain from the sale making the home sale of the home a tax-free event and today's class is going to describe the rules surrounding the sale of home and how to determine what portion of the game that you have from the sale can be received tax-free just briefly we're going to look at some rules that were in place prior to May 7 1997 that was a rather important day in the history of sale of home because on that day new rules took place and prior to that day it there was no such thing as...