The IRS Form 4797 is completed when a business sells property that was used in connection with that trade or business. This example covers a Form 4797 reporting for the sale of business use assets that realized a Section 1231 gain.
Sale of S corporation stock may result in a capital gain or capital loss. This example covers the reporting and calculation using Form 7203 for the sale of S corporation stock.
A shareholder of a RIC or a REIT may receive a Form 2439 which shows a taxable allocation of undistributed long-term capital gains from the entity. This information is necessary to complete the shareholder's income tax return.
An NFT is a form of digital asset that can be bought and sold in certain marketplaces. For U.S. taxpayers, the gain or loss on the sale of NFTs may be reportable on their income tax return.
U.S. taxpayers need to be mindful of the various tax rules that surround trading financial products. This article discusses the constructive sale tax rules for trading stocks, bonds, derivatives, and other financial instruments.
Taxpayers may sell assets and collect the gross proceeds on an installment basis. If eligible, the taxpayer may recognize the income under the installment method and report those amounts on Form 6252.
The sale of business assets must generally be disclosed on a Form 8594 by both the buyer and the seller. This article and video tutorial cover a sample Form 8594.
