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Get the free About Form 4797, Sales of Business Property - IRS tax forms

4797FormSales of Business Property OMB No. 154501842022(Also Involuntary Conversions and Recapture Amounts Under Sections 179 and 280F(b)(2)) Attach to your tax return. Go to www.irs.gov/Form4797
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Who Needs Form 4797?

This form is used by the business owners to report the sale, exchange or disposition of a particular property that was used in trade or business. A detailed description of qualifying properties is listed in the instructions for the form.

What is the Purpose of Form 4797?

The main purpose of the form is to report the income or losses that the business entity had after selling or exchanging a business property. This income is taxable and all this information is verified by the IRS.  

What other Documents Should be Attached to Form 4797?

The filer has to attach this form to their tax return forms. They also may have to use Form 4684, Casualties and Thefts, Form 6252, Installment Sale Income, Form 8824, Like-Kind Exchanges, Form 4255, Recapture of Investment Credit, or Form 8949. Choose the form that is applicable to your situation.

When is Form 4797 Due?

The Sales of Business Property form must be filed when a property is sold. The estimated time for completing the form is 30 minutes.

What Information Should be Provided in Form 4797?

This form has the following sections for completing:

  • Name of the taxpayer and identifying number
  • Description of the sold or exchanged property
  • Ordinary gains and losses
  • Gain from disposition of property under certain sections
  • Recapture amounts under certain sections

What do I Do with a Completed Form 4797?

Once the form is completed, it’s attached to the tax return and forwarded to the IRS office. If you have any questions concerning the form follow the instructions or call the local IRS office.

How to report the sale of a US rental property hi my name is Alan Madden from Madden Chartered Accountant in today's video I will show you how to report the sale of an u.s. rental property on a US tax return before watching this video I recommend that you watch my two-part series how to prepare a 1040 non-resident tax return for US rental properties let's look at the example of Justin true a Canadian resident who owns a US rental property he purchased the property in 2014 for $100,000 he sold the property on December 31st 2016 for $130,000 Justin paid a commission of 2002 as a real estate agent for selling the property at the end of 2016 Justin has claimed total depreciation of ten thousand six hundred and six dollars since he purchased the property Justin has to complete form four seven nine seven sale of business property on page one of this form he should write his name at the top in his US tax identification number on page two Justin should write a description of the property example building the date the property was purchased and the date the property was sold next Justin...
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