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NY Form 4797: What You Should Know

If you are a member of an LLC, be sure to complete the section on Form 4797. Part III of Form 4797: Sale of Business Property — H&R Block 4797(g) Use Part III of Form 4797 to figure the amount of ordinary income recapture to which you may be entitled under section 1321(e) of the Internal Revenue Code of 1986 if you have qualified real property. See “How to Pay Income Taxes With an Alternative Payment Plan” to learn the information you must include on Form 4797 and Form 4868 (or Form 8797 if the LLC is a member), and the type of alternative payment you may be required to make. The sale of business or nonbusiness property will generally be treated as part of the taxpayer's regular business operations. That type of property can have its gain or loss from a sale recognized on a separate return, or its recapture can be allowed on Schedule D. The amount of gain or loss from sales of real property does not need to be reported on the taxpayer's income tax return for that year. However, if it is not reasonable to expect the taxpayer to qualify for the exclusion under section 1321(e) of the Internal Revenue Code of 1986 on the sale of your home, you should include as income in the year in which you sell your home any net gain or loss from the sale of your business or nonbusiness property (or both). See the instructions for line 12 of Form 4797, Sale of Business Property. Use Part III of Form 4797 to figure the amount of ordinary income recapture to which you may be entitled to based on the size of all your personal property (and the gross income of your household) and other factors. This part of Form 4797 also includes the recapture of gains and losses that are treated as temporary when the property was not ordinarily used for business from the period when the property was first considered for that purpose. This is a temporary exclusion so the basis of the property you sell to avoid recapture may not be the same amount in the following year as it is in the year when you sold the property.

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