Starting Your Business/Keeping Tax Records

What are Business Assets

Sale or Other Disposition of Assets

A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. An exchange is a transfer of property for other property or services.

Ordinary or Capital Gain or Loss

Forms to file. When you dispose of property, you will usually have to file one or more of the following forms:

• Form 1040 (Schedule D), Capital Gains and Losses.
• Form 4797 , Sales of Business Property.
• Form 8824, Like-Kind Exchanges.
  

Important References

Publication 544                     Sale and Other Disposition of Assets
Publication 551                     Basis of Assets
Publication 583                     Starting a Business and Keeping Records
Publication 334                     Tax Guide  for Small Business
Publication 946                     How to Depreciate Property
Form 4562                             Depreciation and Amortization
Instructions for 4562
Form 1040 (Schedule C)     Profit or Loss from Business
Publication 544                     Sales and Other Dispositions of Assets
Form 4797                             Sales of Business Property
Instructions for 4797
Form 1040 (Schedule D)     Capital Gains and Losses
Form 8824                             Like Kind Exchanges