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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 Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand, click Gain or loss on the sale of investments to expand, then click Ordinary gain or loss (Form 4797).
  3. Click + Add Sale of Business Property to create a new copy of the form or click Edit to review a form already created.
  4. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
  5. On the screen titled Asset Sale - Type of Property, select "Cost-sharing property (Sec. 1255)" from the Type of property drop-down, then click Continue to report the sale on Form 4797 Sales of Business Property, Part II, Line 10.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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