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From the Print dialog, click the Forms tab and select Form 4797. Then, click the Options button and click the Form 4797 tab. If the client has multiple business activities, mark the Print activities individually checkbox to have the application print a separate Form 4797 for each activity.
The disposition of each type of property is reported separately in the appropriate part of Form 4797 Sales of Business Property (for example, for property held more than one year, report the sale of a building in Part III and land in Part I).
Form 4797 is used when selling property that was used as a business. This is different from property that was used in a business, which might be the case if you are utilizing an asset or property for personal and business use. For example, your personal vehicle is used periodically for business trips.
Open your return and click on Forms at the right side of the TurboTax header. Scroll through the list of forms on the left to be sure Form 4797 has not already been added to your return. If not, or if you need another copy, click the Open Form icon at the top of the forms list.
Therefore, you will need to file this form and your standard tax return, Schedule D (Form 1040 or 1040-SR). Schedule D includes your personal gains, and Form 4797 includes gains from the sale of the business property.

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Key Takeaways. Form 4797 is a tax form distributed by the Internal Revenue Service (IRS). Form 4797 is used to report gains made from the sale or exchange of business property, including property used to generate rental income, and property used for industrial, agricultural, or extractive resources.
Use Form 1099-S to report the sale or exchange of real estate.
Should You Use Form 8949 or Form 4797? When reporting gains from the sale of real estate, Form 4797 will suffice in most scenarios. Form 8949 will need to be used when deferring capital gains through investments in a qualified fund.
If you sold property that was your home and you also used it for business, you may need to use Form 4797 to report the sale of the part used for business (or the sale of the entire property if used entirely for business). Gain or loss on the sale of the home may be a capital gain or loss or an ordinary gain or loss.
If you sold property that was your home and you also used it for business, you may need to use Form 4797 to report the sale of the part used for business (or the sale of the entire property if used entirely for business). Gain or loss on the sale of the home may be a capital gain or loss or an ordinary gain or loss.

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