Form 4797 Sale of Bus. Property?

[Jannie]

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.

[Lewis-H]

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).

[Author]

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