To enter a loss for the sale of business property not entered in TaxACT as an asset for depreciation:
- From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
- Click Investment Income to expand the category and then click Gain or loss on sale of investments
- Click Ordinary gain or loss (Form 4797)
- Click Add to create a new copy of the form or click Review to review a form already created
- The program will proceed with the interview questions for you to enter or review the appropriate information
- On the screen titled Asset Sale - Type of Property, select Cost-Sharing Property (Sec. 1255). You will need to either leave both the date acquired and date sold fields blank or enter a date acquired that is less then one year prior to the date sold in order for the sale to be reported on Form 4797, Part II, Line 10.