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Video instructions and help with filling out and completing Where Form 4797 Disposition

Instructions and Help about Where Form 4797 Disposition

In this video let's take a look at the federal income tax forms that have to be used to report property dispositions that we're learning about here in Chapter three we know that for 2023 there's a new format the so-called pork postcard format for the 1040 and on this first page there's no dollar amounts being reported the dollar amounts are on the back side and in lines one through five you can see the common types of income and what we're learning in Chapter three is not common so we have to first report it on our schedule number one and then write the total dollar amount here in line six and combine it with those common types of income so let's take a look at schedule number one this is a new schedule created for 2023 and we're familiar with back in Chapter 1 a Schedule C the sole proprietorship net income or net loss but now here in Chapter three we're learning about capital gains and losses that are reported on Schedule D or ordinary income business increment business losses here reported on Form forty seven ninety seven so these items are totaled subtotals and they're carried over back to that 1040 form line number six let's take a look at a Schedule D so this is page one and it's divided up into two parts the first part is short term where the acid being disposed of was held for one year or less and part two is long term where the asset was held for more than a year keep in mind if you held an acid for one year that's short-term so typically when they say more than a year they say a year plus a day so and also keep in mind...