Is sale of land reported on 4797?
Then, where is sale of land reported on tax return?
Yes, you need to report the sale of land. Income from the sale of land is reported in the investment section. Click on Federal Taxes > Wages & Income. Scroll down to the Investment Income section and click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.
Similarly, where is depreciation recapture reported? Depreciation recapture is reported on Internal Revenue Service (IRS) Form 4797.
Regarding this, what is reported on Form 4797?
Form 4797: Sales of Business Property is a tax form distributed by the Internal Revenue Service (IRS) and used to report gains made from the sale or exchange of business property, including but not limited to property used to generate rental income, and property used for industrial, agricultural, or extractive
Who must file Form 4797?
Form 4797 is a tax form required to be filed with the Internal Revenue Service (IRS) for any gains realized from the sale or transfer of business property, including but not limited to properties that generate rental income, and properties that are used for industrial, agricultural, or extractive resources.