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Form 4797 - Sales of Business Property (Who should use this form.)

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Question
Form 4797 - Sales of Business Property (Who should use this form.)

Answer

Use Form 4797 to report:

• The sale or exchange of:

1.Property used in your trade or business;


2.Depreciable and amortizable property;


3.Oil, gas, geothermal, or other mineral properties; and


4.Section 126 property.

 

• The involuntary conversion (from other than casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit.


• The disposition of noncapital assets (other than inventory or property held primarily for sale to customers in the ordinary course of your trade or business).


• The disposition of capital assets not reported on Schedule D.


• The gain or loss (including any related recapture) for partners and S corporation shareholders from certain section 179 property dispositions by partnerships (other than electing large partnerships) and S corporations.


• The computation of recapture amounts under sections 179 and 280F(b)(2) when the business use of section 179 or listed property decreases to 50% or less.


For more information see Form 4797.


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Views: 615 Created on: Jun 15, 2013
Date updated: Sep 14, 2015

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