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Sch D or 4797

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    #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
    #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

      #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

        #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

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

          Thank you Brian.

          Comment

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