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A
Always_Learning
Level 3
February 18, 2023

SALES OF BUSINESS PROPERTY

  • February 18, 2023
  • 1 reply
  • 10 views

TP PURCHASED BUSINESS PROPERTY IN 2019 AND SOLD IN 2022. THERE IS A GAIN OF THE SALE OF $68967 AND IS REPORTED ON FORM 4797 WHICH CARRIES OVER TO THE SCHEDULE D. SHOULD THE GAIN BE TAXABLE? 

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1 reply

sjrcpa
sjrcpa
Level 15
February 18, 2023

Why wouldn't it be taxable?

Please don't SHOUT.

The more I know the more I don’t know.
    A
    Always_LearningAuthor
    Level 3
    February 18, 2023

    Sorry, I didn't catch myself with the caps. The form 4797 and it shows the gain but not taxing it.

    sjrcpa
    sjrcpa
    Level 15
    February 18, 2023

    The gain is going to Schedule D, you said.

    Check the capital gains tax computation.

    Depending on what else is on the return, the tax on the gain could be zero.

    The more I know the more I don’t know.
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