Form 4797 Sales of Business Property reports the sale of business property.

To enter the sale of business property in TaxAct so that it is reported on Form 4797:

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal)
2. Click the Investment Income dropdown, click the Gain or loss on the sale of investments dropdown, then click Ordinary gain or loss (Form 4797).
3. Click + Add Sale of Business Property to create a new copy of the form or click Edit to edit a form already created (desktop program: click Review instead of Edit).
4. Continue with the interview process to enter your information.

The program will report the gain or loss in the appropriate part of Form 4797 unless you change this election. To see the criteria used to determine which part the sale is reported on, click Form Instructions in the Answer Center on the right, then scroll down to the bottom of the first page. You will see a table titled Where to Make First Entry for Certain Items Reported on This Form.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.