Form 6781

Form 6781 is an IRS form used to report gains and losses from the sale of business property. It is filed by individuals, partnerships, and corporations.

The form is used to report the following information:

* The date of sale
* The sales price
* The adjusted basis of the property
* The gain or loss on the sale

The adjusted basis of the property is the original cost of the property, plus any improvements made to the property, minus any depreciation taken on the property.

The gain or loss on the sale is the difference between the sales price and the adjusted basis of the property.

If the gain on the sale is greater than $5,000, it must be reported on Schedule D of Form 1040. If the loss on the sale is greater than $3,000, it may be used to offset other capital gains.

Form 6781 is due on the same date as the individual's, partnership's, or corporation's income tax return.