2016 form 4797-2025

1. Click 'Get Form' to open it in the editor.
2. Begin by entering the gross proceeds from sales or exchanges as reported on Form(s) 1099-B or 1099-S for 2016. This information is crucial for accurately completing lines 2, 10, or 20.
3. In Part I, provide details about each property sold or exchanged. Fill in the description, acquisition date, sale date, gross sales price, and depreciation allowed since acquisition for each property.
4. Calculate the gain or loss for each property by subtracting the cost basis (including improvements) from the total of gross sales price and depreciation. Enter this on line 7.
5. For individuals, if line 7 shows a gain without prior year losses, report it as long-term capital gain on Schedule D. If there’s a loss, enter it on line 11 and skip lines 8 and 9.
6. Complete Parts II and III by following similar steps for ordinary gains and losses. Ensure all calculations are accurate before proceeding.
7. Once completed, you can print, download, or share your form directly from our platform for free.

Empower your tax filing process with DocHub—start editing your forms today!