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Form 4797-Sale of Business Property

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Definition:

Form 4797-Sale of Business Property is used to record:

  • the sale or trade of property used in a business for at least a year
  • involuntary conversion of property held over a year
  • Ordinary gains and losses on business property.
  • Gain from disposition of specific types of business property, and
  • Recapture of property under Sections 179 and 280F(b)(2) when business use drops to 50% or less

Form 4797 and the Instructions to Form 4797 can be found by clicking on the links here or on the IRS website.

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