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Printable Form 4797 Maine: What You Should Know
H&R Block also offers its own business-use forms for small businesses that don't have a professional in-house. Check here. Sales of real property are subject to special rules. These rules differ depending on the date you sell or exchange. The tax rules also have an impact on when you file Form 4797. The following are the general rules for sellers. Sales are tax-free if they took place after January 8, 2017. Sales of real property that occurred before Jan. 1, 2015, are taxed at a rate of 10%. Sales of real property that occurred on or after Jan. 1, 2015, are taxed at the following rates: 10% on the entire amount, 13.5% when it's equal to or over 500, and 20% when it's equal to or over 25,000. Sellers may be able to reduce the tax due by taking advantage of an alternative minimum tax, but if the seller uses the alternative minimum tax to reduce the tax owed, the seller must collect a separate tax on the excess amount, which is known as a “provisional tax.” Sallie Mae's Mortgage Interest Deduction If the mortgage you sold resulted in a decrease in your property's value of 100 or more, you must have a deduction for the difference for income tax purposes. You may also be able to claim a credit for the difference if you used the money for a down payment on a property that you actually owned. The deduction or portion of the deduction is equal to the difference in the market value of the selling property before and after you sold it, or the tax paid or payable on any portion of the sale, depending on your year of ownership. If you don't have any qualifying property sold on or before Jan. 1, 2014, your credit for the difference would be 10,000. The mortgage interest deduction is available for up to 100,000 of property, with a maximum loan amount of 300,000. You'll need to use your actual annual mortgage interest deduction (minus any exemptions you choose to claim). Mortgage Interest Deduction If you have mortgage interest on an investment property (like a home) that is not listed for sale, you may be able to reduce the amount you owe and/or get a credit.
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