Congress and the IRS have been busy on changing tax rules to help individuals and businesses get through the economic disaster triggered by COVID-19. The changes impact 2019 returns, as well as returns for prior years and for 2020. To help readers understand these changes, we have prepared a special COVID-19 Supplement (https://www.jklasser.com/wp-content/uploads/2020/04/JKL_YIT_2020_Special_COVID-19_Supplement_r1Apr14.pdf) to the 2020 editions of J.K. Lasser’s Your Income Tax, J.K. Lasser’s Small Business Taxes, and J.K. Lasser’s 1001 Deductions & Tax Breaks.
An amount of gain on the sale of certain depreciable property that is treated as ordinary income in the case of personal property. Recapture is computed on Form 4797.