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Form 4797 Bend Oregon: What You Should Know

If you have entered into property and lease agreements, the sale of the rental unit and/or the purchase, leasing, or exchange of the business property is subject to the reporting requirements of these tax forms. Use Form 4797 when you are making sales related to real or personal property. You usually want to use Form 4797 to report any realized taxable gain or loss. However, an exchange may be taxable as a non-capital gain, if the property of which you are exchanging is business property. Generally, to be a capital gain, the property must be traded or sold in a taxable transaction. To be capital gain, Form 4797 must be used to calculate the gain or loss. The basic rules for reporting tax on property sale are: A capital gain or loss is treated as income or loss to the taxpayer who realized it, unless the taxpayer has a valid waiver from the government agency administering an exclusion of capital gains. Capital gain applies to the difference between the sale price of the business property and its market value. The sale price of a business property includes improvements. In most cases, there is no tax on a capital gain or a capital loss if all the following are true: The property sold is real property owned to you or a person you own that, when added to your regular gross income, equals your taxable gain or loss from the sale and the sale is not within the exception. If the exchange was a one-time transaction, a gain or a loss usually does not have to be reported. The tax is typically zero if any net present value of the property exchanged is zero, and all the following are true: This would have been considered a taxable exchange from any source. The sale of the business property would have been within the exception to the rules that do not allow you to have an exchange if your net present value from the sale would have been zero. All sales of business property are taxable unless the property is held for your own use or the property is held because of a bona fide investment. If you purchased more than one building and one of them was used for business purposes, you can exchange only the property you own in the building that is used in the trade or business of carrying on a trade or business. If you purchased more than one building and the building you transferred is used for business purposes, you can exchange only the property used for business purposes in the building in which it was located.

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