Fillable Printable Form 4797

What is a Form 4797 ?

Form 4797, also known as sales of business property, is an internal revenue service-issued tax form and used to report gains made from the sale or exchange of business property. business property may refer to property purchased in order to produce rental income or a home that was used as a business. Gains made from the sale of oil, gas, geothermal or mineral properties are also reported on form 4797. Fill fillable form 4797 at Handypdf.com and print or fax the form as you wish.

Fillable Printable Form 4797

What is a Form 4797 ?

Form 4797

Department of the Treasury

Internal Revenue Service

Sales of Business Property

(Also Involuntary Conversions and Recapture Amounts

Under Sections 179 and 280F(b)(2))

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Attach to your tax return.

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Information about Form 4797 and its separate instructions is at www.irs.gov/form4797.

OMB No. 1545-0184

2016

Attachment

Sequence No.

Name(s) shown on returnIdentifying number

Enter the gross proceeds from sales or exchanges reported to you for 2016 on Form(s) 1099-B or 1099-S (or

substitute statement) that you are including on line 2, 10, or 20. See instructions........

Part I

Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other

Than Casualty or Theft—Most Property Held More Than 1 Year (see instructions)

(a) Description

of property

(b) Date acquired

(mo., day, yr.)

(d) Gross

sales price

(e) Depreciation

allowed or

allowable since

acquisition

(f) Cost or other

basis, plus

improvements and

expense of sale

(g) Gain or (loss)

Subtract (f) from the

sum of (d) and (e)

3Gain, if any, from Form 4684, line 39........................ 3

4Section 1231 gain from installment sales from Form 6252, line 26 or 37.............. 4

5Section 1231 gain or (loss) from like-kind exchanges from Form 8824.............. 5

6Gain, if any, from line 32, from other than casualty or theft ................. 6

7Combine lines 2 through 6. Enter the gain or (loss) here and on the appropriate line as follows:....... 7

Partnerships (except electing large partnerships) and S corporations. Report the gain or (loss) followingthe

instructions for Form 1065, Schedule K, line 10, or Form 1120S, Schedule K, line 9. Skip lines 8, 9, 11, and 12 below.

Individuals, partners, S corporation shareholders, and all others. If line 7 is zero or a loss, enter the amountfrom

line 7 on line 11 below and skip lines 8 and 9. If line 7 is a gain and you didn’t have any prior year section1231

losses, or they were recaptured in an earlier year, enter the gain from line 7 as a long-term capital gainon the

Schedule D filed with your return and skip lines 8, 9, 11, and 12 below.

8Nonrecaptured net section 1231 losses from prior years. See instructions.............8

9Subtract line 8 from line 7. If zero or less, enter -0-. If line 9 is zero, enter the gain from line 7 on line 12 below. If line

9 is more than zero, enter the amount from line 8 on line 12 below and enter the gain from line 9 as a long-term

capital gain on the Schedule D filed with your return. See instructions..............9

Part II

Ordinary Gains and Losses (see instructions)

Ordinary gains and losses not included on lines 11 through 16 (include property held 1 year or less):

11Loss, if any, from line 7............................ 11

( )

12Gain, if any, from line 7 or amount from line 8, if applicable................. 12

13Gain, if any, from line 31........................... 13

14Net gain or (loss) from Form 4684, lines 31 and 38a................... 14

15Ordinary gain from installment sales from Form 6252, line 25 or 36............... 15

16Ordinary gain or (loss) from like-kind exchanges from Form 8824................ 16

17Combine lines 10 through 16.......................... 17

For all except individual returns, enter the amount from line 17 on the appropriate line of your return and skip lines a

and b below. For individual returns, complete lines a and b below:

If the loss on line 11 includes a loss from Form 4684, line 35, column (b)(ii), enter that part of the loss here. Enter the part

of the loss from income-producing property on Schedule A (Form 1040), line 28, and the part of the loss from property

used as an employee on Schedule A (Form 1040), line 23. Identify as from “Form 4797, line 18a.” See instructions..

18a

b Redetermine the gain or (loss) on line 17 excluding the loss, if any, on line 18a. Enter here and on Form 1040, line 14

18b

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 13086I

Form 4797 (2016)

Page 2

Part III

Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255

(see instructions)

(a) Description of section 1245, 1250, 1252, 1254, or 1255 property:

(b) Date acquired

(mo., day, yr.)

day, yr.)

These columns relate to the properties on lines 19A through 19D

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Property AProperty BProperty CProperty D

Gross sales price (Note: See line 1 before completing.)

.20

21Cost or other basis plus expense of sale.....21

22Depreciation (or depletion) allowed or allowable...22

23Adjusted basis. Subtract line 22 from line 21....23

24Total gain. Subtract line 23 from line 20.....

25If section 1245 property:

aDepreciation allowed or allowable from line 22...25a

bEnter the smaller of line 24 or 25a......25b

If section 1250 property: If straight line depreciation was used,

enter-0- on line 26g, except for a corporation subject to section 291.

aAdditional depreciation after 1975. See instructions.26a

bApplicable percentage multiplied by the smaller of line

24 or line 26a. See instructions.......

26b

Subtract line 26a from line 24. If residential rental property

or line 24 isn’t more than line 26a, skip lines 26d and 26e

26c

dAdditional depreciation after 1969 and before 1976..26d

eEnter the smaller of line 26c or 26d......26e

fSection 291 amount (corporations only).....26f

gAdd lines 26b, 26e, and 26f.........

26g

If section 1252 property: Skip this section if you didn’t

dispose of farmland or if this form is being completed for a

partnership (other than an electing large partnership).

aSoil, water, and land clearing expenses.....27a

Line 27a multiplied by applicable percentage. See instructions

27b

cEnter the smaller of line 24 or 27b......

27c

28If section 1254 property:

aIntangible drilling and development costs, expenditures

for development of mines and other natural deposits,

mining exploration costs, and depletion. See

instructions .............

28a

bEnter the smaller of line 24 or 28a......

28b

29If section 1255 property:

aApplicable percentage of payments excluded from

income under section 126. See instructions....

29a

bEnter the smaller of line 24 or 29a. See instructions.

29b

Summary of Part III Gains. Complete property columns A through D through line 29b before going to line 30.

30Total gains for all properties. Add property columns A through D, line 24.............

31Add property columns A through D, lines 25b, 26g, 27c, 28b, and 29b. Enter here and on line 13......31

32Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684, line 33. Enter the portion from

other than casualty or theft on Form 4797, line 6....................

Part IV

Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less

(see instructions)

(a) Section

179

(b) Section

280F(b)(2)

33Section 179 expense deduction or depreciation allowable in prior years........

34Recomputed depreciation. See instructions................34

35 Recapture amount. Subtract line 34 from line 33. See the instructions for where to report..

Form 4797 (2016)