
Gain on sale of commercial property?
Property sold in 2006. We're supposed to sell the asset in the form of Part III of 4797. Thanks
If the sale is reported on form 4797. Part III, perhaps. You do not say what type of property. Only land? Land and buildings. Team? All of the above? If it is non-depreciable assets held for more than1 year is in part 1 if it is a gain and part 2 in case of loss. If it is a non-capital assets (Eg inventory) is a read ordinary income or loss. I suggest that the instructions of 4797. If it is clear to proceed. If not, when the head stops spinning hire a tax professional to prepare this part of your tax return. The most likely not do well. (Many tax professionals do not do well.)
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This post was written by admin on November 16, 2010






























