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MI Form 4797: What You Should Know

Property used and owned in a trade or business and the cost of the property. Taxpayer must meet the threshold amounts. If filing jointly, file Form 4797 for all joint income year of taxpayer. You are required to furnish a separate Form 4797 for the separate return for each year when any part of the sale or exchange of property was a taxable income event. The sale or exchange of property: Is considered a disposition of property for Federal income tax purposes only if the property is disposed of by bona fide purchasers or if the property in question may be sold at less than its fair market value. Examples: Purchases of motor homes or any other property that is being placed in a consumer's possession, purchases of real estate, business equipment, or other property that is the subject of an outstanding sale for cash. Is considered an involuntary conversion of property if it is necessary to the ownership or use of the property in the event of a major change in ownership or use. The disposition of property and capital assets: Is considered a disposition for Federal income tax purposes only if any of the following circumstances apply. The property is acquired or used for income producing purposes (such as farm machinery or machinery used in the maintenance of real estate). If the person acquired or used the property for income producing purposes within 5 years prior to the disposition, the amount of gain is taxable even though property is disposed within 5 years after acquisition. The sale or exchange is used for any purpose other than the acquisition or use of the property for income producing purposes. For example, a person uses an individual's personal effects for personal purposes, but the individual dies prior to the disposal. See the Instructions for Form 4797 and Table 2A. The sale or exchange is the sale of real estate, business equipment, or other property that is the subject of an outstanding sale for cash or a sale of a consumer's personal effects. The sale of personal property to which an exemption applies, such as trade-in property, inventory, livestock, or equipment in use. The sale is used in any trade or business and the cost of the property is not reportable in the income statement. The disposition of noncapital assets: This includes nonpersonal property, such as nonfarm real estate, personal property subject to lease, farm machinery, and farm equipment. A person can also report gain on a disposition of property that is not covered by any of the above. The gain may be short or long-term at the time of the disposition.

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