Use Tax Form 4797: Sales of Business Property as a stand alone tax form calculator to quickly calculate specific amounts for your 2023 tax return. Form 4797: Sales of Business Property is also integrated into our comprehensive US Tax Calculator where you can complete and save your calculations for later use. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.
|Part I. Net Minimum Tax on Exclusion Items|
|Part I. Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than Casualty or Theftâ€”Most Property Held More Than 1 Year (see instructions)|
|2||(a) Description of property||(b) Date acquired (mo., day, yr.)||(c) Date sold (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||Subtract (f) from the sum of (d) and (e)|
|Partnerships (except electing large partnerships) and S corporations. Report the gain or (loss) following the 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 amount from line 7 on line 11 below and skip lines 8 and 9. If line 7 is a gain and you didnâ€™t have any prior year section 1231 losses, or they were recaptured in an earlier year, enter the gain from line 7 as a long-term capital gain on the Schedule D filed with your return and skip lines 8, 9, 11, and 12 below.
|Part II. Ordinary Gains and Losses (see instructions)|
|18||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:|
|Part III. Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255 (see instructions)|
|19||(a) Description of section 1245, 1250, 1252, 1254, or 1255 property:||(b) Date acquired (mo., day, yr.)||(c) Date sold (mo., day, yr.)|
|These columns relate to the properties on lines 19A through 19D. ▸||Property A||Property B||Property C||Property D|
|25||If section 1245 property:|
|26||If section 1250 property: If straight line depreciation was used, enter -0- on line 26g, except for a corporation subject to section 291.|
|27||If section 1252 property: Skip this section if you didnâ€™t dispose of farmland or if this form is being completed for a partnership (other than an electing large partnership).|
|28||If section 1254 property:|
|29||If section 1255 property:|
|Summary of Part III Gains. Complete property columns A through D through line 29b before going to line 30.|
|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)|
Tip: use the US Tax Calculator to edit your refundable and non-refundable tax credits including Form 4797: Sales of Business Property . Complete, Calculate, print and or save your tax calculation for later use.
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