4797

LizAnne

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

MatthewD

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.