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Form 4797 UT: What You Should Know

Sale or Exchange There are many ways to report a sale or exchange of property. Many of them are discussed in the Revenue Procedure. However, for a discussion of these and other uses of Form 4797, see Sales of Business Property — IRS. Exchange and Sale of Business Properties Exchange of property is the most common use of Form 4797, and requires you to enter the change in status of an asset from personal to professional. However, if you were able to sell the property at a loss, you can enter it as a sale of business property. When you use IRS Form 4797 to report a sale or exchange of property, or another use for a Form 4797, you must include both the loss and gain and any payment that is required of you. This requirement exists to avoid double taxation, and is intended to simplify reporting the transfer. The Form 4797 that is required to report the sale or exchange of personal property or real property is the Form 4797-A. The Form 4797-B is the Form 4797-B-S, or the S-corporation. The Form 4797-C is the Form 4797-C-A, or the C Corporation. The Form 4797-D is the Form 4797-D-A, or the S-corporation with dividends. The Form 4797-E is the Form 4797-E-S, or the E Corporation. And the Form 4797-F is the Form 4797-F-S, or the S Corp. To summarize, here are the situations when the Form 4797 would need to be used: A sale or exchange of real property (other than a sole proprietorship or partnership in a limited liability company). The sale or exchange of a business stock. A sale or exchange of real property or business stock owned jointly by an S-corporation with dividend income. When to Use Form 4797-B or S-Corporation Form 4797 can be used both by business owners and by S-corporations. The differences between the two are described below, along with guidance that shows how to use both forms. The purpose of the Form 4797-B or S-Corporation is to report the sale or exchange of business property. It must be used only to include all the information required for the sale or exchange in a Form 1040 or Schedule D (Form 1120) report.

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