Posted in Uncategorized Taking the Mystery Out of Form 4797 – IRS tax forms November 20, 2022 Form 4797. Part I – most property held more than 1 year. Long-term assets sold at a loss . Nondepreciable long-term assets sold at a gain. Income from Part III, https://www.irs.gov/pub/irs-utl/33_-_sale_of_business_assets_-_taking_the_mystery_out_of_form_4797.pdf