Miami-Dade Florida Form Instructions 4797 2024-2025

Miami-Dade Florida Form Instructions 4797: What You Should Know

Purpose of Form — This form is not intended to relieve you of your obligation to pay the applicable tax or penalty and is not an admission of guilt. Instructions: Step 1: Form 8824, Like-Kind Business or  (For example: fl) Step 2: Attach pages 2 through 4 of Form 4797 (File only if the sale is in the form of a purchase if an installment payment, or if you are submitting the form as a settlement). Step 3: Attach Schedule B (Settlement Amount or Amount Paid), if the sale includes exchange proceeds, to the summary line on Form 4797 (Attach the page with the exchange.)  Step 4: Fill out Schedule A (Include the exchange proceeds, any noncapital assets sold, additional property sold and the amount withheld). Step 5: Pay estimated tax underpayments.  Note: If any exchange proceeds included in the estimated tax were sold by the taxpayer prior to the Due Date(s) for payment of the tax and the taxpayer is unable to pay the required settlement underpayment, the taxpayer may be able to include the amount of the settlement payment on the return and make additional estimated tax payments.  The taxpayer: (1) is not required to pay the settlement payments; and (2) is not required to pay the amount of estimated tax it originally paid but later paid after any exchange proceeds were sold, sold after it realized an adjustment to its net investment income or that of a similar taxpayer who has an adjusted basis of substantially the same amount in similar property. If the taxpayer is still unable to claim an adjustment to its adjusted basis, the taxpayer can include the payment to which it was entitled on the original income tax return. The taxpayer may be able to use Schedule A to pay the settlement payments, as long as it has made an adjustment to its adjusted basis. An adjustment to the adjusted basis includes all dispositions of comparable property. An adjustment to the adjusted basis includes capital property if, for capital property, it is possible that it could have been resold to another taxpayer that receives a lower return on the amount paid. The taxpayer cannot increase the adjusted basis by using the adjustment for tax purposes.

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