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Printable Form 4797 Wisconsin: What You Should Know

Initiatives and Referendums, Forms, and Proposals. • For assets you acquired after June 15, 2017, do not use the Wisconsin basis to report any of the following: • Property acquired from  Initiatives and Referendums, Forms, and Proposals. • Property acquired from federal sources. • Any asset acquired by purchase or gift, or from an estate. • Any transfer of assets. • Cash and other valuables (including but not limited to jewelry, watches, jewelry accessories, jewelry, furs, and gifts, and other property and items used in a trade or business, including but not limited to motor vehicles, furniture, jewelry, cameras, and appliances). 2021 I-019 Table of Contents STEP 1: For assets on which Wisconsin income tax will be collected, complete Schedule T. • If the sale or disposition was a “sale of business property” (SUBPART V of the Form 4797), complete the entire Schedule T, including line 2, and any adjustments as indicated. • If the sale or disposition is a “sale of material or supplies” (SUBPART V of the Form 4797), complete the entire Schedule T, including line 4, and any adjustments as indicated. Step 2: Choose one of the following methods for computing the income and/or sales tax due on the sales of goods, services, and/or property: Sales of goods, services, and/or property, using Wisconsin income tax method. Subtract the federal tax and pay federal income tax. This is the most commonly used method. Subtract the federal tax and send the federal tax to the state. Sales of goods, services, and/or property, using only Wisconsin income tax method. Subtract the federal tax from the Wisconsin tax. Use the adjusted Wisconsin state income tax figure. The amount of income and tax due on sales of goods, services, and/or property, using only federal income tax may be reduced or eliminated if a federal tax credit is received for the sales of goods, services, and/or property. The federal credit is not refundable except with the consent of the state or federal tax collector.

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