This Drake Tax article discusses the sale of an asset used for personal and business use. Use Form 4797 to report: The sale or exchange of property.The involuntary conversion of property and capital assets. Remember also that the value you place on the business asset is what the depreciation will be based on. If you sold business-use property during the year, you had a gain or a loss on the sale. Complete and file Form 4797: Sale of Business Property. We will not address specific tax account concerns through email.