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Form 4797 - Sale of Business Property Sale of Asset Entry into Program
1

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

Online Navigation Instructions
  1. Sign in to your TaxAct Online return
  2. Click Tools on the left side of the screen to expand the category then click Forms Assistant
  3. Expand the Federal Forms folder and then expand the Documents Received folder
  4. Scroll down and click Sale of Business Property - Sale of Business Property. Note. If you need to enter the sale of business property for an asset that was previously depreciated, you will need to use the Sale of Business Property - Asset entered in Depreciation worksheet accessed through the applicable business Schedule C, E, or F.)
  5. Click +Add to create a new copy of the worksheet or Review to review the worksheet previously created
  6. The program will proceed with the interview questions for you to enter or review the appropriate information
Desktop Navigation Instructions
  1. Start your TaxAct Desktop program 
  2. Click on the Forms icon in the toolbar
  3. Expand the Federal folder and then expand the Documents Received folder
  4. Scroll down and double-click Sale of Business Property - Sale of Business Property or Sale of Business Property - Asset entered in Depreciation, whichever is applicable in your situation
  5. Double-click the document name to open it on your screen. If a form is not already listed for you to review, double-click Add Copy to complete a new form.
  6. Enter the information directly on the form.

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 IRS Form Instructions 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