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

Instructions and Help about Where Form 4797 Properties

Music so how to calculate a capital gain have you been through this today okay well then we're gonna go through it kind of quickly I've learned that with tax law it takes me about ten times to learn it so this is what I found I'm going to use a California example because in Ohio we don't have very many million dollar homes but if you had a property that you paid five hundred thousand dollars for and you sold it for a million dollars you would think your gain would be five hundred thousand dollars right not quite correct you have what's called a basis and that's your purchase price of the home that would be the five hundred thousand dollars and then your basis gets adjusted by a couple of things one the investment that you made into the property by making repairs that would be capital improvements or twenty five thousand dollars and then we all know that we have depreciation when we own real estate how many of you understand how depreciation works okay then I'm going to give you a brief example of what depreciation is the government says our houses are a lot like this little clicker that if I paid twenty seven thousand dollars for this clicker that one tenth or one percent of the value of it over twenty seven and a half years goes away and at the end of twenty seven and a half years this clicker would have no value now if I put it in a box and saved it and kept it clean and put new batteries in it the clicker would still have value right well the government says that depreciation or that one twenty seven that you take away every year is a loss...

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