Form 4797 Sale of Bus. Property?

Home Fairmark Forum Other Tax Topics Form 4797 Sale of Bus. Property?

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #2438
    Jannie
    Participant

    Am I to assume I don’t have to “itemize” for the IRS what I put in the form, just add them up and have the proof in a file for them if they want it? I have (What I paid – then I would add all my selling costs ) which would get me my cost basis? It also listed improvements – not understanding that this would be ok since I depreciated the improvement when it was added. But it looked like I would add the cost of the improvement to the basis.

    I wasn’t able to pull up the 544 pub. at the IRS web site.

    #7242
    Lewis-H
    Participant

    The disposition of each type of property is reported separately in the appropriate part of Form 4797 (for example, for property held more than 1 year, report the sale of a building in Part III and land in Part I).

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.