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To Market reporting. I have a question about the way we
Mark to Market reporting. I have a question about the way we report transactions on form 4797? Can you confirm that we report gains (losses) on Form 4797 even if we don't have any sales in the year? W… read more
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To market reporting on form 4797. Question: I understand
mark to market reporting on form 4797.Question: I understand that we report the cost basis as the FMV of all open positions of the Prior Year on Form 4797 and the Sale price as the FMV of all open pos… read more
Roxanne625
Roxanne625
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I am trying to figure out the trade in of two vehicles for a
Second Opinion] I am trying to figure out the trade in of two vehicles for a business I closed in 2018 … read more
Lev
Lev
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I need some guidance with form 4797. I traded in a fully
I need some guidance with form 4797. I traded in a fully depreciated car on a new business vehicle in 2020. I understand that I need to report the trade in as earnings on 4797. The IRS instructions ar… read more
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Michael CPA CFP
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Sold a small business in 2020 and took a large loss on it.
Sold a small business in 2020 and took a large loss on it. What is the most amount of that loss I can deduct? Held for less than year. … read more
NelsonProTax
NelsonProTax
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A vehicle used in business that was fully depreciated is
A vehicle used in business that was fully depreciated is traded for a newer vehicle. Do you fill out form 8824 for a like kind exchange and what do you do with the depreciation on the vehicle that was… read more
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Lev
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I am using TurboTax and having trouble deciding if I should
I am using TurboTax and having trouble deciding if I should complete Form 4797 or 8949 for the sale of a rental property that my husband and I jointly owned sine 2006 and sold 2018. Please help!… read more
Rick
Rick
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Sole proprietor farm. Traded in a business use vehicle that
Sole proprietor farm. Traded in a business use vehicle that was purchased in 2012 for 40000 minus depreciated trade vehicle of 26000, with 14000 boot. 14000 was value to figure farm 179 deduction in 2… read more
PDtax
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In browsing thru your pages and getting to know your
In browsing thru your pages and getting to know your services. I have a question about this vehicle here sold for $660 ( 22% business use). Lines 25a and 25b should therefore be left blank after final… read more
Lev
Lev
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I purchased oil rights from my mother's estate in 2007. I
I purchased oil rights from my mother's estate in 2007. I sold them in 2017. How do I show this on my taxes? … read more
Tax.appeal.168
Tax.appeal.168
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Lev, I am writing about a client of mine that he has a food
Good afternoon Lev, I am writing about a client of mine that he has a food wholesale business which he uses his autos for delivery. he recently added another business for himself and he works as a cha… read more
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Lev
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What part of Form 4797 will I use, what figures are the
What part of Form 4797 will I use, what figures are the correct ones, my software shows 1,403 for 2017 depreciation on old vehicle, is that correct? Can I use the standard mileage rate deduction for n… read more
Lev
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How to prepare form 8824 for vehicle purchase with a trade
how to prepare form 8824 for vehicle purchase with a trade in that is 35%business use on old truck and new truck … read more
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Second opinion] May I ask where we can find code section to
Second opinion] Hi, good afternoon. May I ask where we can find code section to use under amotizing capital expenses of tenant improvement fro the lease place?… read more
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Hello, I am using TTax Business. I have a studio equipment
Hello, I am using TTax Business. I have a studio equipment rental biz, trucks, vans and picture cars. I purchased new vehicles for the current tax year. I am taking Section 179 on all of them. Do I ad… read more
Robin D.
Robin D.
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if i used my car for a percentage of my business only since
if i used my car for a percentage of my business only since 2008 but bought it December 2003 and never took the depreciation until 2010, then traded it in august 2010, is the use of 4797 applicable.do… read more
Tax.appeal.168
Tax.appeal.168
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I own a small business (sole proprietorship). I bought an
I own a small business (sole proprietorship). I bought an SUV in 2006 and took a S.179 deduction of $25,000. I traded it in on a BMW in 2008 and maintained a >than 50% business use on the BMW. In M… read more
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Form 4797 Regarding sale of a vehicle on which the standard
Form 4797: Regarding sale of a vehicle on which the standard mileage was taken 2007-2009. This vehicle was also used for personal use. I found that the standard mileage rate includes depreciation in t… read more
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