topic Re: Where is form 4797? in Business & farm

Where is form 4797?

Iseman — Wed, 12 Feb 2025 16:26:39 GMT

I'm using Turbo Tax Business to file for my S-Corp. I need Form 4797; however it's not showing up for me. Where / How can I find Form 4797?

Additional (~1 hr later): Just curious, is this not being answered because it's a stupid question, not enough info, or is nobody else finding the form either? Should I ask this question somewhere else?

Re: Where is form 4797?

Iseman — Wed, 12 Feb 2025 16:21:32 GMT

Just curious, is this not being answered because it's a stupid question, not enough info, or is nobody else finding the form either? Should I ask this question somewhere else?

Re: Where is form 4797?

DavidD66 — Wed, 12 Feb 2025 16:44:27 GMT

Form 4797, Sales of Business Property is used to report the following:

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).

The program will not create the Form, unless and until you enter a transaction that is reported on Form 4797.

What have you reported that you believe should be reported on Form 4797? Have you looked for/generating a Form 4797 using Forms View?

Re: Where is form 4797?

Iseman — Wed, 12 Feb 2025 16:55:21 GMT

Thanx for the reply. I need to report:

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).

It's not clear to me which section I need to report this in for the form to be generated. I've looked through the income reporting sections, and couldn't determine which one of those might be it. The closest was "Business property/asset disposals"; but that seemed geared to depreciation, etc. and used a worksheet form. Do I just need to slog through that one? Nothing else seems close.

Re: Where is form 4797?

ThomasM125 — Wed, 12 Feb 2025 17:35:27 GMT

You need to bring up Form 4797, page one, using the Forms menu icon. There, you will see on the top Sales of Business Property Smart Worksheet where you can enter your investment sales information and choose Part II in the far right column:

The ordinary gain will flow down to part II of the form:

Re: Where is form 4797?

Iseman — Wed, 12 Feb 2025 18:10:30 GMT

@ThomasM125 Understood. However, it's my understanding that I have to enter the data into the correct section before the form will show up in the list of forms. My question is where do I enter the data so that Form 4797 will be populated?

Re: Where is form 4797?

ThomasM125 — Wed, 12 Feb 2025 18:13:53 GMT

You bring up the Form 4797 and enter the data in the Smart Worksheet at the top of the form and Form 4797 will be populated and included in your return for filing.

Re: Where is form 4797?

Iseman — Wed, 12 Feb 2025 18:39:50 GMT

Form 4797 is not listed in my list of forms yet. If I understand @DavidD66 response; I need to first complete the section in Turbotax, that corresponds to form 4797, so that it will be viewable from the forms list. What is the section in turbotax, that I need to complete, so that the form becomes "enabled" / viewable?

Re: Where is form 4797?

ThomasM125 — Wed, 12 Feb 2025 18:42:59 GMT

When you are in the Forms mode, click on the Open Forms option and then type in "4797" and the blank Form 4797 will appear.

Re: Where is form 4797?

fibonacci618 — Tue, 13 May 2025 20:52:02 GMT

Re: Where is form 4797?

JotikaT2 — Mon, 19 May 2025 23:22:14 GMT

Once you have opened Form 4797, there is a section at the top that says "Sales of Business Property Smart Worksheet." You will then see two options to QuickZoom. When you click on either of these, you will be able to view any worksheets as they apply to your return.

@fibonacci618