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What is IRS Publication 544 on Sales and Other Dispositions of Assets?

IRS Link to Publication — Found Here

This guide is a reference for the tax implications of sales, transfers, barters, exchanges, forfeits, repossession, condemnation and abandonment of property.

Where gains or losses are manifested, the guide helps to differentiate between capital gains and ordinary gains, as well as how to figure and report the gains or losses.

Often when people sell or dispose of property in various manners there is a question of what the tax implications are, how much of the transaction is taxable, and whether any amount of it can be applied toward tax deductions. This guide, Publication 544, will outline all of the necessary filing forms and reporting practices for almost any kind of sale or disposition of property.

Some common occurrences that may call for this guide are: selling your home, determining the basis of assets, bankruptcy, sale of a business, like-kind exchanges, and investing in securities. Almost all of those examples have their own IRS Publications and Forms associated with them, but this guide will steer you in the right direction.

Other topics covered include transfers on death, fair market value, nontaxable exchanges, and business ownership interest, among other things.

Keywords: Fair Market Value (FMV), nontaxable exchange, like-kind exchanges, business interest, tax deductions, capital gains or ordinary gains,