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I received this answer to the question how do i report the sale of a depreciated car. "Sale of Business Property" Much more info , including a thorough equation.
I will have a taxable gain.
Is this done on form 4797 ? If yes will it end up on Schedule 1(reported on line 8 of my1040) ? If it does I will have to pay self-employment tax.
My question is will it effect my self employment tax ?
Thank you
Is this done on form 4797 ? If yes will it end up on Schedule 1(reported on line 8 of my1040) ? If it does I will have to pay self-employment tax.
My question is will it effect my self employment tax ?
Thank you
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‎November 30, 2022
11:57 AM