Tax Guys:Sale of lot question

[graygun]

I received a 1099-S for a small lot I sold last April. I'm not sure which form(s) to use:4797,6252 etc. It was a simple sale,non installment,bought in 2002 and sold last year. I know I can deduct things from the gross proceeds.

Can anyone help me navigate through this?

 

[Ruger1441]

As a general rule the 4797 is for business assets. Looks life you should report the sale on a schedule D. The gross sales price. (the amount on the 1099-s) minus the original cost plus inprovements and the cost of the sale (commission,etc).

 

[Xsales]

Gets reported on Schedule D Capital gains & losses

 

[graygun]

thanks

 

[wwb]

There will also be a "Capital Gains Worksheet" involved, and it will change the way your tax is computed. Complicates things a bit, but if you just follow the instructions, it's not hard.