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taxmap/pubs/p225-050.htm#TXMP04ea1447 Reporting Gains   and Losses

Sale of Property, Gain or Loss

You will have to file one or more of the following forms to report your gains or losses from involuntary conversions.

taxmap/pubs/p225-050.htm#TXMP1f17f81a Form 4684.

Use this form to report your gains and losses from casualties and thefts.

taxmap/pubs/p225-050.htm#TXMP012f3fd1 Form 4797.

Use this form to report involuntary conversions (other than from casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. Also use this form if you have a gain from a casualty or theft on trade, business or income-producing property held for more than 1 year and you have to recapture some or all of your gain as ordinary income.

taxmap/pubs/p225-050.htm#TXMP50ecbd36 Schedule A (Form 1040).

Use this form to deduct your losses from casualties and thefts of personal-use property that you reported on Form 4684.

taxmap/pubs/p225-050.htm#TXMP2bb02ca7 Schedule D (Form 1040).

Use this form to report gain from an involuntary conversion (other than from casualty or theft) of personal-use property. Also, carry over the following gains to Schedule D.

• Net gain shown on Form 4797 from an involuntary conversion of business property held for more than 1 year.
• Net gain shown on Form 4684 from the casualty or theft of personal-use property.

taxmap/pubs/p225-050.htm#TXMP352117f6 Schedule F (Form 1040).

Use this form to deduct your losses from casualty or theft of livestock or produce bought for sale under Other expenses in Part II, line 34, if you use the cash method of accounting and have not otherwise deducted these losses.

Previous Page:  Publication 225 - Farmer's Tax Guide - Disaster Area Losses Next Page:  Publication 225 - Farmer's Tax Guide - Self-Employment Tax Use     to find additional instances of index items.