The gain or loss on the sale of property held as an investment is recorded on wh

Question

The gain or loss on the sale of property held as an investment is recorded on which one of the following forms or schedules? O Form 4797 if the sale was from an asset used for investment purposes by a taxpayer who purchased it with company money as O O O a sole proprieton Schedule D if the sale was an asset used in a trade or business by a sole proprietor. schedule D if the sale was an asset used for investment purposes by a taxpayer. Form 4797 regardless if the asset was purchased for investment if the taxpayer is a sole proprietor.

Explanation / Answer

Answer is:

Form 4797 is the sale was from an asset used for investment purposes by a taxpayer who purchased it with company money as a sole proprietor

A tax form distributed by the Internal Revenue Service (IRS) and used to report gains made from the sale or exchange of business property. Business property may refer to property purchased in order to produce rental income or a home that was used as a business.

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