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Elgin Illinois Form 4797: What You Should Know

The amount of the gain reported on Form 4797 is subject to the recapture of capital gains on the sale or exchange of stock. See Capital Gains Tax FAQ for more information. · General information about the form: • The Form 4797 is a reportable document that summarizes the information necessary to determine whether a person has acquired tax-exempt securities within the preceding 12 months. The information required to be reported varies based on the kind of securities acquired. The information is generally required on a quarterly basis for taxable years 2013, 2014, 2023 and 2016. · The Form 4797 may be filed between January 1, 2014, and December 31, 2016, for taxable years 2013, 2014, 2023 and 2016. Filing a copy of the Form 4797 and all supporting documents with your tax advisor is a critical step in completing the Form 4797. · The sale/exchange of real property is generally considered to be the sale or exchange of non-exempt property. Certain real property types, like certain farms, are generally exempt from taxable gain/loss reporting. See Non-Farm Properties FAQ, for more on exempt properties. • The following rules apply for the amount of gain to be reported and recaptured on the Form 4797: • The amount of gain (if any) realized on the sale or exchange of real property is reported on line 29. The amount of gain to be recaptured on the sale (under the recapture rules) is reported on line 25 in the income section of the Form 4797. • If the sale/exchange does not result in a gain, there is no gain/loss reported on line 29. There is, however, gain reported on line 25 in the income section. There is also, however, gain reported on line 25 in the income section. • Amounts paid into an IRA during the year are included on line 23, and amounts contributed to the IRA during the year are included on line 25. • In addition to being a taxable gain, any capital gain on the sale/exchange of real property that is also capital gain from a qualifying retirement plan. • Any gain that you may exclude will be reported on line 22 in the income section. A capital gain of more than 14,000 is considered to be 14,000 or less and is reported on line 22 in the income section.

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