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Form 4797 input for Sales of Business Property

SOLVEDby IntuitProConnect Tax9Updated October 01, 2021

Sales of assets may be entered in either the Income section, on the screen Schedule D/4797/etc. or in the Deductions section of the Depreciation screen.

If the asset is entered in the Depreciation screen, enter the disposition information for that asset in the General Disposition Information section.

To enter the sale in the Schedule D/4797/etc. screen:

  1. On the Input Return tab, select Income.
  2. Select Schedule D/4797/etc. and enter Description of property, Date acquired, Date sold, and any other applicable information.
  3. Select Schedule D and enter Sales price and Cost or other basis (do not reduce by depreciation) and any other applicable information.
  4. Select Form 4797 and enter Depreciation allowed (-1=none, triggers 4797) and any other applicable information.
  5. Enter any additional applicable information.

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