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

Instructions and Help about Who Form 4797 Rental

You Music welcome back to our Channel clear value taxes my name is Brian Kim I'm a certified public accountant so one of the partners at our tax practice so this is gonna be a quick tip video about the sale of properties but for instances in specific so the first one would be CL the primary residence the second would be sale a rental property the third one would be 1031 exchange and the fourth one is a home flip okay so it's gonna be very quick tip if you want to know more in-depth about one of these please leave me a question or comment below I'd be happy to make a video about one of these as well okay so the first one is to see how the primary residence you know as many of you know you can exclude the primary residence exclusion lets you exclude up to $250,000 for a single 500,000 for married filing jointly so even though that you're within those limits so you know it's gonna be a tax-free gain on the primary residence gain you should still report it if you got a 1099 s you have to report it if you don't you're gonna get a nasty letter from the IRS saying that you owe up to you know hundreds of thousands of dollars because they're gonna think the whole home sale was a game so if you got 1099s or if you just want to report it anyways because you fall within the exclusion limits just to report it because one if you got the 10 on us you have to and second you know you don't want that nasty letter so just report it you know it's gonna be all tax-free but just make the adjustment so please...