Easily Replace Calculations to the Home Seller Form

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How to Replace Calculations to the Home Seller Form

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- Hey everyone, my name is Paul Vojchehoske and welcome to the Real Estate Classroom YouTube channel. In todays video, were gonna discuss a real estate math problem or a real estate math calculation that you have to know for your real estate exam. Its called seller proceeds from the sale and thats what Im gonna show you how to calculate in todays video, so lets get to it. (upbeat music) So in todays real estate math video, Im gonna show you how to calculate seller proceeds. It is a function that you have to know as a real estate professional when youre listing properties, but its also something you have to know for your real estate exam especially if youre taking the PSI exam. If youre taking the PSI exam, I guarantee you theres a high probability that youre gonna have a question or two on calculating seller proceeds. So first of all, what is a seller proceed? It is essentially just the money that the sellers gonna get from the sale of their home, hopefully. Its really

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Who should file form 8949?

Anyone who sells or exchanges a capital asset such as stock, land, or artwork must complete Form 8949. Both short-term and long-term transactions are documented on the form. Details about the transaction must be filled in including the date of acquisition and disposition, the proceeds of the sale, and the gain or loss.

Should I use form 8949 or 4797?

When reporting gains from the sale of real estate, Form 4797 will suffice in most scenarios. Form 8949 will need to be used when deferring capital gains through investments in a qualified fund.

Do I use Schedule D or form 4797?

Whereas Schedule D forms are used to report personal gains, IRS Form 4797 is used to report profits from real estate transactions centered on business use. IRS Form 4797 has much more specific utilization, while Schedule D is a required form for anyone reporting personal gains in general.

Who should file form 4797?

If you sold property that was your home and you also used it for business, you may need to use Form 4797 to report the sale of the part used for business (or the sale of the entire property if used entirely for business). Gain or loss on the sale of the home may be a capital gain or loss or an ordinary gain or loss.

What is a 1099 S form used for?

More In Forms and Instructions Use Form 1099-S to report the sale or exchange of real estate.

Do I use form 4797 or 8949 for sale of rental property?

What form(s) do we need to fill out to report the sale of rental property? Report the gain or loss on the sale of rental property on Form 4797, Sales of Business Property or on Form 8949, Sales and Other Dispositions of Capital Assets depending on the purpose of the rental activity.

What is form 593 used for?

Purpose. Use Form 593: docHub the seller/transferor qualifies for a full, partial, or no withholding exemption. Estimate the amount of the sellers/transferors loss or zero gain for withholding purposes and to calculate an alternative withholding calculation amount.

What is a form 523?

The DPR 523 forms are used for nominating properties as California Historical Landmarks, California Points of Historical Interest, and to the California Register of Historical Resources.

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