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Form 4797 Arizona: What You Should Know

If you sell a business property, to get a cash price for the property, do that. If you make a gain, report the amount you realize (minus the gain from the sale) on Form 4797. Otherwise, do nothing. What You Must Know in Order to Report Gain — IRS Taxpayers must pay sales tax on any gains on the sale of business property. If the amount of income from the property exceeds the sales price, you must use Form 4797 to report the gain. The sales price you pay must be at least as much of the sales price as the fair market value of the property. Gains on the sale of business property are reported on Schedule D (Form 1040). See the tables for details. Gain on the sales of farm lease interests and farms. See Forms 4781-E and 4781-F. Form 4835. See Schedules F and R, Federal Income Tax (Form 1040), for a list of exemptions. Use this form for any income that you receive from farm (farm) rental and farm business property. The basis used to determine the gain on the sale of farm property is the sale price. Use this form to figure interest costs, under an installment agreement with the lender, on your installment sale of farm lease and farm properties. Form 4797 is only used for any gain shown on Schedule D or Schedule F for any sale of non-farm property. However, income from the sale of livestock, animals, or plants will be treated as gain from the sale of livestock, animals, or plants. Use this form for an involuntary conversion of property to gain from the sale of any part of the property. If the involuntary conversion affects the cost of capital equipment other than vehicles and is treated as a sale on a farm, use Form 4835 on Schedule F to have the sale excluded from farming property. See Schedule F, Miscellaneous Business Income, for details. If the taxpayer uses an involuntary conversion to lower the cost of a capital asset in a business, Form 4797 should be used to report these gain amounts. Use this form to report any cash or in-kind sale of certain property used in an employee compensation program.

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