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On-Demand Special Topics Workshop: Form 4797 – Sale of Business & Rental Property

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Form 4797 – Sale of Business & Rental Property
Air Date: July 26, 2021 3:00 PM to 2:40 PM PT
Speaker:  AJ Reynolds, EA
2 CE
IRS Program #: X9QQU-T-00789-21-S

COURSE DESCRIPTION
Simply put, IRS Form 4797 is a tax form that’s used specifically for reporting the gains or losses made from the sale or exchange of business and income producing property used in a trade or business. However this form often generates a countless amount of uncertainty and anxiety. This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, it will clarify what parts of Form 4797 need to be completed and their holding periods. A detailed example on the Sale of Rental Property will be provided. This course will provide you with the confidence to deal with these situations. So join us in deciphering the mystery of Form 4797.

Learning Objectives

  • Examine the difference between §§ 1245 and 1250 Property.
  • Correctly identify § 1231 Property. 
  • Ascertain the Sales Price. 
  • Calculate Basis.
  • Categorize transactions into their appropriate parts on Form 4797. 
  • Differentiate between depreciation recapture and capital gain. 
  • Identify UnRecapture Depreciation.
  • Calculate 199A in reference to §§ 1231, 1245, and 1250. Detailed example on the Sale of Rental Property will be provided and analyzed.

Continuing Education
This course qualifies for IRS Continuing Education Hours. NAEA reports IRS CE on a monthly basis. If you have not received your CE Hours in your IRS PTIN Account by the end of the month after receiving the certificate, please contact NAEA at education@naea.org.

Webinar Refund Policy
To request a refund, contact the NAEA education team via email a teducation@naea.org. An NAEA education team member will review the request for refund. If the refund request has been approved, the refund will be refunded on the same method of purchase. Live Webinars, also offered On-Demand Webinars will not be refunded.

Interested in all of the Special Topics Workshop sessions? Purchase the bundle and receive a discount! Purchase here.