The IRS Form 4797 is filed to report the sale or disposition of property used in a trade or business. This tutorial covers a sample Form 4797 for the sale of property held less than 1 year.
If a taxpayer receives a Form 1099-K for selling personal use items, those sales must generally be disclosed on Form 1040. This tutorial reviews a Form 1099-K scenario and how to enter information into TurboTax.
Individual taxpayers are generally allowed to offset their capital gains with capital losses. Capital losses can be used to offset ordinary income up to certain limitations.
