Business & farm
Gains and losses from Form 4797 are entered in the business section. Search for sale of business property, copy and paste the phrase in the search bar if necessary. Use Form 4797 to report:
- The sale or exchange of property.
- The involuntary conversion of property and capital assets.
- The disposition of noncapital assets.
- The disposition of capital assets not reported on Schedule D.
- The gain or loss for partners and S corporation shareholders from certain section 179 property dispositions by
partnerships and S corporations. - The computation of recapture amounts under sections 179 and 280F(b)(2) when the business use of section 179 or listed property decreases to 50% or less.
- Gains or losses treated as ordinary gains or losses, if you are a trader in securities or commodities and made a mark-to-market election under Internal Revenue Code section 475(f).
