Are the sale of tools and other items that are part of a rental property business recorded on Form 4797? If tool sales are recorded in Part I of Form 4797, does each separate tool need to be entered on a separate line, and if so, would I then need to attach a separate sheet? Also, would business property abandonments associated with the rental property be entered in Part II of 4797, and would each tool need to be listed separately, or could just the total amount for all of the tools be listed as one item on one line?
