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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 2018, there's a new format, the so-called "pork postcard" format for the 1040. 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. 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. Let's take a look at schedule number one. This is a new schedule created for 2018. 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 47-97. 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 asset 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 that if you held an asset for one year, that's short-term. So typically, when they say more than a year, they say a year plus a day. Also, keep in mind that in the year that you buy an asset, it's really...