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Form 4797 for Palm Beach Florida: What You Should Know

If you invest, do not distribute until the end of the 365-day period. If you want to claim a qualified gain in a year other than the year you originally received the gain, you must have a qualifying holding period of more than 365 days. The minimum investment is 10% of the total adjusted basis of the real property. (This does not include any gain paid or accrued by the investor when the property (if purchased in a REIT) or real Property is sold.) The minimum holding period is 14 days for qualified 1231 gains. If you are engaged in the rental real estate business, and you are able to prove to the IRS that you have met the 14-day holding period, there are no penalties for not holding. F4798.pdf — IRS For the sale or exchange of property, the following is all that is required to obtain a Form 4797: A sales contract or other document which evidences the intent of the principal holder to sell or exchange the property; and The sale or exchange must take place sometime during the calendar year following the sale or exchange. You should report all sales or exchanges on Form 4797 if they occurred in the same year. However, if you purchased the property in a separate taxable year, you can use the Form 4797 for all sales and exchanges in the earlier year. In addition, the transaction must be in the same tax year for which you acquired the property. See the table below: If you have more than one property with a separate tax year that will be treated as separate units of property for the purposes of determining whether this property are qualified, attach to the appropriate Form 4797, a statement that lists each property for which you will report qualified disposition. If you report a property for which you have not made an election to have a separate basis for the property and do not have a property to attach to Form 4797 showing your election, attach a statement showing that you have made a decision to hold the property. If you did not acquire any property, you can report a qualified disposition based on the date you acquired each property.

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