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ID Form 4797: What You Should Know

Part III on page 13 of Form 4797 includes information for taxpayers when they sell or exchange business property. You can use this form to figure any tax paid on the gain from the property sale. And the capital gains' carryover rule for the property was updated for 2016. These rules are explained in Part VI of the form. On Page 10 of Part III of Form 4797 you will need to complete the following: Identification The identification section of Form 4797 shows the amount of ordinary income recapture you must claim. Form 4797 has two sections: 1. General Instructions. This section covers all the information for Part III of Form 4797. 2. Alternative Methods for Report. This section details alternate methods you can use if the first method does not yield enough tax. The alternatives are explained below. Identification for a Reasonable Gain For Sale of Business Property 1. General Instructions. If you file Form 4797 with an estimated tax (Form 1040, 1040A or 1040B) or a refund, or you use Schedule D, use Form 5476 to report your increase. For ordinary income recapture purposes, you must figure regular and capital gain or loss by working back from when you acquired the property. Use Form 4797 to figure the amount of ordinary income recapture. The recapture amount is included on line 31 (and line 13) of Form 4797 (or Form 3105, Form 3921, Form 3903, or Form 4797) depending on your method of filing Form 4797. Form 4797 has three sections — Part III, Part IV, and Part V. Part III of Form 4797 includes the information to figure ordinary income recapture for the taxpayer's year of sale or exchange of real property. This section of Form 4797 is based on the amount of income you realized during the taxable year from owning the sale-type property or the adjusted basis you gave up with respect to the property (Forms 1065, 1040, Form 1040A, or 1040B). These regulations are explained in detail in Part I of Form 4797. In addition to ordinary income recapture, Form 4797 includes: capital gains carryovers, and any other gain, loss, or deduction you might have from the sale of real property. Capital gains carryovers.

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