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Form 4797 for Tacoma Washington: What You Should Know

This tax form is filed by the business owner. It is sent to the IRS to report an amount that is the net gain (loss) from the sale, exchange or other disposition of the following property:  A. Real property.  B. Computer software.  C. Computer software related to computers. D. Equipment related to property described in item B, above.  All business property must be included.  All real property must be included, including: possessions not actually used in the trade or business (e.g. a business card) Computer software must be included, though not necessarily owned by the business. Only computer software and computer software related to property described in item B, above, are to be included in computing loss. In determining net gain from business activity, the net gain (loss) from the disposal of business property is generally the amount of the gain, plus or minus (for losses only) depreciation. If property is disposed of, but not used, the net gain for the year is the net amount of the gain (loss), minus depreciation. If the gain from the sale or exchange of computer software is 400 or more, the computer software must be included. If the gain is over 400, and it can be determined that the item was acquired by the business (such as by purchasing the item from another business), the computer software may also be included in the gross gain if its inclusion doesn't materially affect the amount of the gain.  Example: If the purchaser of the software from another businessman was only making a cash purchase of the item and had received the item free of charges or as a gift, and the other businessman was also a business owner, then the computer software must be included in the gross gain. Otherwise, the computer software must be deducted. If the loss on the disposal of property is more than the loss from the sale (or exchange) of business property, the net gain (loss) from the disposal can be used to reduce taxes due and is reported on Form 2553 as the business loss. Note that the net gain (loss) includes the difference between the sale price and the basis adjusted by depreciation.

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