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How to Replace Data to the Home Seller Form

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you hi guys this is Mark Davis at optimum technology transfer welcome to you all in this video Im gonna take it look at using the replace function in Excel you may be aware if youve seen various other videos of mine here on YouTube you may well be aware you may have gathered that one of my favorite categories of function in the function library are the texts or string functions wonderful functions for cleaning or tidying up your data and Ive created quite a few other YouTube videos to illustrate exactly how these texts or string functions do work but its the turn of the replace function today now Ive got a series of order IDs now the order ID for each of these rows or records that Ive downloaded from saw the system are made up of two numbers followed by four characters followed by three other numbers thats the string that kind of makes up the order ID now what Id like to do is Id like to standardize so what I want to do is to replace the differing four characters kind of somew

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What is form 4797 used for?

Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. The disposition of noncapital assets.

What is 1099-S form used for?

Use Form 1099-S to report the sale or exchange of real estate.

What is the difference between form 4797 and form 8949?

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.

How does the IRS know if you sold your home?

Typically, when a taxpayer sells a house (or any other piece of real property), the title company handling the closing generates a Form 1099 setting forth the sales price received for the house. The 1099 is transmitted to the IRS.

Is form 2119 obsolete?

Form 2119 obsolete. If you sold your main home in 1998, report the sale only if you have a gain that is not excluded from your income. You may be able to exclude gain up to $250,000 ($500,000 on a joint return in most cases).

What is form 2119 sale of your home?

Use Form 2119 to report the sale of your main home. If you replaced your main home within the replacement period, also use Form 2119 to postpone paying tax on all or part of the gain. Form 2119 is also used by people who were age 55 or older on the date of sale to elect a one-time exclusion of the gain on the sale.

Do I have to report sale of my home to IRS?

Reporting the Sale Additionally, you must report the sale of the home if you cant exclude all of your capital gain from income. Use Schedule D (Form 1040), Capital Gains and Losses and Form 8949, Sales and Other Dispositions of Capital Assets when required to report the home sale.

What is the IRS form for depreciation recapture?

Generally, the gain is reported on Form 8949 and Schedule D. However, part of the gain on the sale or exchange of the depreciable property may have to be recaptured as ordinary income on Form 4797. Use Part III of Form 4797 to figure the amount of ordinary income recapture.

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