What is the form used for?
- 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).
Is the form Supported in our program? The 4797 form is supported for 1040 returns in the Online software, and for 1040 and C-Corp, Exempt, Fiduciary, Partnership, S-Corp packages for the Desktop software.
How to access the form: While in a return, use the Add Form function to add a new 4797 form to the return.
Limits to the form: This form is available for most packages, however only a limit of 1 form is allowed in a return.
IRS Link: https://www.irs.gov/forms-pubs/about-form-4797
