Form 4797
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Definition of 'Form 4797'A tax form distributed by the Internal Revenue Service (IRS) and used to report gains made from the sale or exchange of business property. Business property may refer to property purchased in order to produce rental income or a home that was used as a business. Gains made from the sale of oil, gas, geothermal or mineral properties are also reported on Form 4797. If a piece of property was used for business purposes or to produce income while also serving as a primary residence, gains from the sale of that property may be eligible for exclusion. |
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Investopedia explains 'Form 4797'Depending on how a piece of property was used (outlined in IRS Publication 463, Section 179), depreciation or amortization may adjust the value of the property. When a business, such as a partnership or an S Corporation, sells property, partners and shareholders may experience a gain or loss. |
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