what form do I use to report rental property cost of sale
The part of your property used for business or rental use is within your home, such as a home office for a business. You do not need to allocate gain on the sale of the property between the business or rental part of the property and the part used as a home.In addition, you do not need to report the sale of the business or rental part on Form 4797. This is true whether or not you were entitled to claim any depreciation. What forms do we file to report a loss on the sale of a rental property? 2  I have heard that I can sell my rental property and use the proceeds to purchase rental property of equal or greater value and the transaction is viewed just like an exchange in that the tax is deferred until the new property is sold.