To enter personal property (or inherited property that is considered personal property) on Schedule D (Form 1040) Capital Gains and Losses:
When you are going through the Q&A for Form 1099-B Proceeds From Broker and Barter Exchange Transactions, if you select Adjustment Code "L," the amounts in the Gain or (loss) column on Schedule D will be zero (0) instead of negative (as is appropriate since losses on personal property are not deductible).
To reach that screen in your TaxAct® return:
Note. If the inherited property is not considered to be "personal use" property, then you would not select Adjustment Code "L" to ensure the loss would still carry to Form 1040 U.S. Individual Income Tax Return.
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.