ETax847 Posted August 31, 2016 Report Posted August 31, 2016 For reporting the sale of Rental Property, does it go on the 8949 or on Form 4797? I have heard conflicting things from various tax pros and wanted to pose the question in this forum. Quote
rfassett Posted August 31, 2016 Report Posted August 31, 2016 https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/sale-or-trade-of-business-depreciation-rentals/sales-trades-exchanges/sales-trades-exchanges Quote
Max W Posted August 31, 2016 Report Posted August 31, 2016 It always goes on 4797 which will report the depreciation as well as the sale. If it is Land only, and no dep., it can go on 8949. Quote
SaraEA Posted September 1, 2016 Report Posted September 1, 2016 Depreciable rental property is Section 1250 property. Accounting for the depreciation already taken is calculated on page 2 of the 4797, which will indicate how much depreciation if any must be recaptured. Can't do this on Sch D or 8949. Quote
Max W Posted September 1, 2016 Report Posted September 1, 2016 Form 4797 is not exclusive for reporting 1250 gain. It can also be reported on Sch D, Line 18 which is what is used when reporting the sale of a home converted from a rental. Quote
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