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Video instructions and help with filling out and completing Fill Form 4797 Pros

Instructions and Help about Fill Form 4797 Pros

Hi everyone my name is Anthony Fontana I'm an iris enrolled agent with ei tax resolutions and if you just bought a rental property you're gonna need to check out this video to find out the cash treatments of the various closing costs found on your closing statement alright now before we go line by line through the closing statement I got to discuss the three various taxing categories that these closing costs may fall under now those three are the basis adjustment a rental expense or capitalized costs that result in in amortization expense now I know this sounds like a lot of tax jargon and that's why I'm gonna go through these one by one for you guys okay the first category we have here for tax treatment on the closing statement is the basis adjustment now we need to know what the basis adjustments are because when we go to sell the home this is going to come into the calculation of figuring the capital gain or losses that you may have to pay tax on when you sell so first of all what is the basis the basis is your purchase price plus or minus these basis adjustments that we're gonna find on the closing statement plus the improvements that you may make to the home - any depreciation expense you've taken throughout the years is going to be what we call the adjusted basis now the adjusted basis is going to go into that capital gain or loss calculation which we have over here now the calculation is pretty straightforward it's the selling price they sell the home - any selling expenses which you're gonna find on the closing statement when you sell the home - your adjusted basis which we have from over here...