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Video instructions and help with filling out and completing Who Form 4797 Reduced

Instructions and Help about Who Form 4797 Reduced

Hi Peter Russell here from super taxi a welcome to another one my video blogs this is a continuation on my walkthrough of an example of a capital gain on the disposition of a rental property now in this example we are changing a bit of the terms and that instead that we're not wearing instead of making money on the disposition of our rental property resulting in the capital gain we are actually incurring losses on the sale of our rental property in this example so I am going to swing over to the big board now you've probably seen this example before in the last video it's pretty much the same figures are cod John's calculate John's calculated ACB of his properties three hundred six thousand we're still splitting 80/20 building land so our beginning UCC for our building is still two hundred and forty four thousand eight hundred dollars and the lands ACB is still sixty one thousand two hundred we're still selling in 2023 and we still have a UCC at the start of 2023 of two hundred and twenty one thousand and ninety five dollars now instead of selling for four hundred and fifty thousand dollars we have sold the home for only two hundred and fifteen thousand dollars maybe the market was bad for whatever reason we could not sell this property for more than two hundred fifty thousand dollars it cost us ten thousand seven hundred fifty in commissions and it cost us two thousand and legal fees so our net proceeds is two hundred and two thousand two hundred and fifty dollars we've definitely lost money this time now we've got to determine our capital loss on the land portion and what we call a terminal loss on the building portion so...