form 4797 or 8949
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form 4797 or 8949 (by george [IL]) Mar 20, 2018 8:06 AM
       form 4797 or 8949 (by Richard [MI]) Mar 20, 2018 8:52 AM
       form 4797 or 8949 (by george [IL]) Mar 20, 2018 8:55 AM
       form 4797 or 8949 (by Emily [TX]) Mar 20, 2018 9:44 AM
       form 4797 or 8949 (by GKARL [PA]) Mar 20, 2018 1:18 PM
       form 4797 or 8949 (by Marv [IL]) Mar 21, 2018 5:44 AM
       form 4797 or 8949 (by George [IL]) Mar 21, 2018 7:14 AM
       form 4797 or 8949 (by John... [MI]) Mar 21, 2018 9:34 AM
       form 4797 or 8949 (by Marv [IL]) Mar 22, 2018 5:35 AM
       form 4797 or 8949 (by NE [PA]) Mar 22, 2018 5:44 AM

form 4797 or 8949 (by george [IL]) Posted on: Mar 20, 2018 8:06 AM
Message:

last year I bought a property, and sold it 6 months later for a profit. should i use form 4797 or 8949 for the IRS? thanks!! --107.77.xx.xx



form 4797 or 8949 (by Richard [MI]) Posted on: Mar 20, 2018 8:52 AM
Message:

Not an accountant here, so fwiw.

Q. Did you buy this property with the intention to resell it for a profit?

A six month turnaround certainly looks like it.

If so, the IRS classifies you as a dealer.

There is a set of rules for this.

Among them is that the profit is considered ordinary income, not capital gains.

There are other requirements and rules as well.

So, those who "flip" properties are actually conducting a business of buying, fixing and then selling. As such, their rules apply. --96.94.xxx.xx



form 4797 or 8949 (by george [IL]) Posted on: Mar 20, 2018 8:55 AM
Message:

no.... that was not my original intention but just happened to get a price I couldn't refuse at the time so I sold it --107.77.xx.xx



form 4797 or 8949 (by Emily [TX]) Posted on: Mar 20, 2018 9:44 AM
Message:

Form 4797 --155.201.xx.xx



form 4797 or 8949 (by GKARL [PA]) Posted on: Mar 20, 2018 1:18 PM
Message:

4797, part 2 for short-term sales. --64.121.xxx.xxx



form 4797 or 8949 (by Marv [IL]) Posted on: Mar 21, 2018 5:44 AM
Message:

If you depreciated it, 4797. If you did not depreciate it, Sch D. --173.15.xx.xxx



form 4797 or 8949 (by George [IL]) Posted on: Mar 21, 2018 7:14 AM
Message:

no... I only had it for 6 months so don't plan on taking any depreciation. can i still use form 4797? --107.77.xx.xx



form 4797 or 8949 (by John... [MI]) Posted on: Mar 21, 2018 9:34 AM
Message:

I love how people can't even agree here on what should be simple tax questions. I'm not sure if it is because our system is so messed up or if none of us know what we're talking about. :)

- John...

--24.180.xxx.xxx



form 4797 or 8949 (by Marv [IL]) Posted on: Mar 22, 2018 5:35 AM
Message:

Either form results in the same gain. --173.15.xx.xxx



form 4797 or 8949 (by NE [PA]) Posted on: Mar 22, 2018 5:44 AM
Message:

That's for my accountant to worry about. --50.107.xxx.xxx



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