Printable Form Instructions 4797 Las Cruces New Mexico 2024-2025

Printable Form Instructions 4797 Las Cruces New Mexico: What You Should Know

Form (700) is required. Other Gains from the Sale of Real Property — State of Nebraska Tax on the gain on the sale or exchange of real and personal property. Includes certain capital gains (see line 41 on Form 706). Gain on the sale or exchange of the following property is subject to state tax: Mortgage debt or interest owed on real or personal property. Property located in the following counties for a period ending on or after December 31, 2025 (including any new counties added by the Nebraska Legislature following the 2025 General Assembly's passage of Senate Bill 667 : Brown ell, Carroll, Carson, Dickinson, Edge comb, Grand, Hancock, Johnson, Laramie, Lincoln, Line, Logan, Omaha, Platte, Richardson, Ransom, Saline, Harpy, Sheridan, Scott, Shaw, Sheridan, Washington, White, and Wilson): Counties listed are those for which a tax county was established by the Nebraska Legislature pursuant to state statute, prior to June 2, 1987. In addition to this list, this list is deemed to include counties created by the 2025 legislation that repealed certain tax counties created by the 1983 repeal law (such as Stairs and Fremont and their successor counties). If the seller or owner was not obligated to collect the payment of taxes until after December 31 of this year and the county does not yet exist, the county will be considered a county that was “recognized” upon enactment of the 2025 legislation, and as such will be taxed on the date the seller/owner is obligated to pay the taxes. The sale or exchange of property, including real and personal property (including agricultural real property). Includes certain capital gains. Capital gains on the sale or exchange of real and personal property are subject to state tax if the sale does not involve the transfer of title. Also includes certain capital gains on the sale or exchange of certain assets sold solely for the production of income, such as land with a base in Nebraska. Gain derived from the disposition of all real and personal property is subject to state tax based on the fair market value as of the disposition date. The sale of personal property is subject to state tax based on its fair market value, including the amount of depreciation and amortization. This determination is based upon the cost of production, the cost of materials and labor, and the reasonable income producing potential of the property.

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