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 Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
- 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 New Copy of Sale of Business Property (Desktop users 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) in order for the sale to be reported on Form 4797, Part II, Line 10.