Form 4797 is used to report gains made from the sale or exchange of business property, including but not limited to property used to generate rental income.

Form 4797 is for reporting the sale of capital assets, such as equipment your business used to produce goods or sell services to the public.

The Form 1099-G is simply reporting a payment from USDA to the producer. It does not know how it should be taxed, but the IRS computer does want to see it on line 4 (a) no matter what.

Like all capital gains and losses, you report the income or loss from the sale of the equipment on IRS Form 1040. Detailed information about the sale is reported on Form 4797.

Please see the instructions for schedule D and form 4797 for the correct treatment and proper reporting by traders. Expenses of traders always go on schedule C. Gain or loss from securities never does ...

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