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If you sell or dispose of property used in a trade or business, it must be reported on IRS Form 4797, Sales of Business Property. This form is divided into several sections, which are used for different types of property.
The files are in Adobe portable document format (PDF), which requires the use of Adobe Acrobat Reader.
Adobe Acrobat Reader is available, without charge, at the Adobe website.
For more information, see our discussion of reporting sales of assets.
After you finish your federal tax return, your information will accurately and automatically transfer into your state return. Just answer a few state specific questions, and you're done.
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