when you sell your equipment used in your business do you fill out part III of form 4797?
we were owner/operators-we sold our truck and trailer (which was fully depreciated) is there any simple instructions for this form?4 years ago - 3 answers
No simple instructions for Form 4797. Yes, you make the first entries in Part III. As the gain carries through, it will carry through as a capital gain.
You really should hire a professional. You don't want to risk paying way too much in taxes or creating a tax mess.
the irs website has everything you need and also you can call them.by little debbie - 4 years ago
I think it may depend on the price you paid for them and how much you got from them. My accountant did tell me however that when business property was fully depreciated you no longer had to write it off as a gain/loss if you sold it, so I don't know.by Daniel - 4 years ago