4797

LizAnne
LizAnne Member Posts: 1 Newcomer
in Income

I'm trying to enter the sale of a business property in section 1 of the 4797. How do i go about this?

Answers

  • MatthewD
    MatthewD FreeTaxUSA Admin, FreeTaxUSA Agent Posts: 963 image
    Hi LizAnne,

    If this is a rental property, then you must enter the property in the Rental Income section as a Depreciable Asset first and then fill out the parts about selling it.

    If it was a Schedule C business property, enter it in the Schedule C as a Depreciable Asset first and then fill out the parts about selling it.

    You may also use the options for Sale of Business asset page to generate a form 4797.

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