Sch D or 4797

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  • Unregistered
    #1

    Sch D or 4797

    Client bought residential prop in Nov 2004 and sold in Jan 05.

    He has commission, title, roof allowance etc expenses. Also received 1099 "S" for sales.

    Shoud I report on Sch "D" as an investment property? or on 4797?
    Tags: None
    • Brian EA
      Senior Member
      • Dec 2005
      • 786
      #2
      Originally posted by Unregistered
      Client bought residential prop in Nov 2004 and sold in Jan 05.

      He has commission, title, roof allowance etc expenses. Also received 1099 "S" for sales.

      Shoud I report on Sch "D" as an investment property? or on 4797?
      4797 is for business property e.g rental property

      Personal property goes on Sch D .
      Everybody should pay his income tax with a smile. I tried it, but they wanted cash

        Comment

        • Unregistered
          #3
          Originally posted by BRIAN
          4797 is for business property e.g rental property

          Personal property goes on Sch D .
          He never renetd it out. Just held for investment. There for I was leaning towards Sch D.

          He does have capital loss (from stocks) of more than 3,000. This way he can offset with a gain from this sale.

            Comment

            • Brian EA
              Senior Member
              • Dec 2005
              • 786
              #4
              Originally posted by Unregistered
              He never renetd it out. Just held for investment. There for I was leaning towards Sch D.

              He does have capital loss (from stocks) of more than 3,000. This way he can offset with a gain from this sale.
              Put it on the Sch D
              Everybody should pay his income tax with a smile. I tried it, but they wanted cash

                Comment

                • Unregistered
                  #5
                  Originally posted by BRIAN
                  Put it on the Sch D

                  Thank you Brian.

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