when filling out form 4797 entities must provide the following information 
who can file form 4797 business property that is reported on form 4797 may include property that is purchased in order to produce rental income taxpayers may also report a home that was used as a business on form 4797 gains made from the sale of oil gas geothermal or mineral properties are also reported on form 4797 2if a piece of property was used partially for business purposes or to produce income while also serving as a primary residence gains from the sale of that property may be eligible for tax exclusion this is typically the case for self employed persons and independent contractors who generate their income from home the net profit or loss from the transfer or sale of the business property is determined by subtracting the cost basis or purchase price from the sum of the sales price minus any depreciation costs 1