Search Help Topics:

To enter a loss for the sale of business property not entered in TaxACT as an asset for depreciation: 

  1. From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
  2. Click Investment Income to expand the category and then click Gain or loss on sale of investments
  3. Click Ordinary gain or loss (Form 4797)
  4. Click Add to create a new copy of the form or click Review to review a form already created
  5. The program will proceed with the interview questions for you to enter or review the appropriate information
  6. 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.

Was this helpful to you?