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Irs 4797 Form: What You Should Know

The draft form, and all associated documents, are subject to change prior to Tax Day, Oct. 24, 2018. As of the publication date, this notice has not been approved by the U.S. Office of Tax Compliance and the U.S. Internal Revenue Service is not responsible for any errors or omissions contained in this document or in the attachment materials. For further information on any change to or availability of the information in this publication or on any other tax document, consult your authorized IRS tax representative. (2018) (1) IRS Form 4748, Taxable Income, Line 14 (Other Returns) Use Form 4748 to report a business loss on the line of business activity that was damaged by a fire. IRS Form 4850. Revenue Procedure 2017-21. Use Form 4850 to report an adjusted gross income (AGI) loss. See Item 5 of Form 4850, “Adjusted gross income,” for loss reported on the line of business activity that was damaged by a fire. IRS Form 4852, Sales and Gains and Losses on the Same Property. This is an early release draft of an IRS tax form, instructions, or publication, Go to for instructions and the latest information. Form 4852 is an amended return of a sale of depreciable or depreciable property, including real property, on which there are items you have taken into account and determined to be capital losses, determined by a reasonable formula other than the traditional method. See Notice 2013-36, 2013-41 I.R.B. 609. Use Form 4852 for losses on the line of business activity that was damaged by a fire and for the tax on those items. The amount shown should be the gain on the property. You may also need to apply the recapture formula under section 478A. The recapture formula will show you the recapture amount for the applicable depreciation periods for the property. For these recapture amounts, it may be necessary to use your separate return if you reported a sale on which there were losses determined on a different depreciation rate. For information on how to calculate the recapture amount for your situation, and to find out if it is subject to recapture under section 478A, see the Instructions for Form 4852. For further information, see section 478 of the Internal Revenue Code, and Revenue Procedure 2017-21.

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