Form 4797: Sales of Property Worksheet
Purpose
This report is a worksheet that gathers information needed to file IRS Form 4797, Sales of Business Property. Where appropriate, the report lists assets in the order required by the form.
- Before you run this report, be sure to calculate the specific book depreciation for all assets you want to include in the report, through the end of the fiscal year on which you want to report. An ideal time to run the report is right after you have calculated your year-end depreciation for the specific book.
- If selling property at a loss, an accurate disposal date can be critical to ensuring that the system correctly reports the property. If you held the property more than one year, the system enters it in Part I. If you held the property for one year or less, the system enters it in Part II.
- If selling property at a gain, the most critical information is the asset's property type, as shown in the table below.
| Property Type |
Form 4797, Part III |
| P, Q, or A |
Line 27 |
| R or S |
Line 28 |
| F |
Line 29 |
| E |
Line 30 |
| C |
Line 31 |