• Form 4797 is a tax form distributed by the Internal Revenue Service (IRS).

  • Form 4797 is used to report income received from the sale or exchange of commercial property, including property used to generate rental income and property used for industrial, agricultural, or extractive resources.
  • When completing Form 4797, entities must provide the following information: property description, date of purchase, date of sale or transfer, purchase price, gross sale price, and depreciation amount.