Report Abuse

[Q=jim370] So it doesn't get reported on schdg D? I've gotten two differnt answers from the IRS and my state. Go figure. They both told me to do it on Schdg D., but in either case, it doesn't coat me anything in taxes.[/Q] From my previous post... [i]If the real estate was not your main home, report the transaction on Form 4797, Sales of Business Property; Form 6252, Installment Sale Income; [b]and/or Schedule D (Form 1040)[/b]. If box 4 is checked and you received or will receive like-kind property, you must file Form 8824, Like-Kind Exchanges.[/i] Where you report it may depend on the value of the property, its use, and/or final profit or loss. Sorry, I'm not a tax accountant or a tax lawyer. If you can do it on Sched D, I'd go that route since it has to be easier.