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

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:

Online Navigation Instructions
  1. Sign in to your TaxAct Online return.
  2. Click Tools down the left to expand, then click Forms Assistant.
  3. Click to expand the FEDERAL Forms folder, then click to expand the Documents Received folder.
  4. 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 click Sale of Business Property - Asset Entered in Depreciation for the worksheet accessed through the applicable business Schedule C, E, or F.)
  5. Click Add to create a new copy of the worksheet or Edit to review the worksheet previously created.
  6. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
Desktop Navigation Instructions
  1. Start your TaxAct Desktop program.
  2. Click the Forms icon in the toolbar.
  3. Click to expand the Federal folder, then click to 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 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 document at the time it is accessed.