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Laws dot-com legal forms guide form 47 97 is United States Internal Revenue Service tax form used to report the sale of business property this form should also be used if your business has been subject to involuntary conversion or recapture form 47 97 can be obtained through the IRS website or by obtaining the documents through a local tax office this form is to be used in conjunction with your regular tax return supply your name as it appears on your tax return, and you're identifying taxpayer number Social Security number for individuals or a for corporations if you have any proceeds from sales or exchanges reported on a tax form 1099 report this amount on line 1 in part 1 lists all business properties purchased or sold held for more than one year during the taxable year on line 2 you must include each property bought or sold the dates acquired and sold gross sales price depreciation costs of improvements and the total gain or loss add each amount along with any other gains or losses as required in lines 3 through 6 report your total gains or losses on line 7 include non recaptured section 1231 losses from any prior years on line 8 enter the total calculated amount on line 9 to determine your qualified gains or losses next move on to part 2 where you will report any ordinary gains and losses for property held less than one year fill out part 2 in the same manner as part 1 ensure that you include all properties purchased and sold with all gains and losses as required to report if you have any gains from property sales under IRS tax code sections 1245 1250 1250 to 1250 for or 1255 you must report these gains in part 3 of the form 47 97 describe each property that falls under these rules on line 19 including date acquired and date sold complete the worksheet for each property in part 3 include the gross sales price cost basis depreciation and total gain fill out lines 25 through 29 as each property applies to each China indicate total gains for all properties named in part three on lines 30 and 32 if you have any recapture amounts you must report these amounts in part four once completed attach the form forty-seven ninety-seven to your regular tax return form retain a copy for your own personal records to watch more videos please make sure to visit laws comm
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