Form 4797 is filed with the annual tax return for the year of the transaction. The form 4797 is capable of handling several transactions. TurboTax will prompt you for the information needed. You will have the option to add another transaction when you have completed the entry of a transaction.
To add Form 4797 to your return:
- Select Take to my tax return, search for 4797, sale of business property (use this exact phrase) and then choose the "Jump to" link in the search results.
- On the Any Other Property Sales? screen, select the first checkbox and click Continue.
- Follow the instructions to complete the form.
Instructions for form 4797
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