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To report sale of personal property (or inherited property that is considered personal property) on Schedule D (Form 1040) Capital Gains and Losses in the TaxAct program, you will report it in the Capital Gains and Losses section of the program, and select Adjustment Code "L" (if the inherited property is not considered "personal use" property, don't select Adjustment Code "L", and the program will transfer the loss to Form 1040 U.S. Individual Income Tax Return). That way, 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 report sale of personal property in the TaxAct program (if you need help accessing Form 1099-B, go to our Form 1099-B - Entering Capital Gains and Losses in Program FAQ):

  1. From within your Form 1099-B, continue with the interview process until you reach the screen titled Enter the transaction details one sale at a time. 
  2. Scroll down to Other details and check the box I need to make an adjustment.
  3. Type the adjustment amount. 
  4. Click Choose your adjustment code dropdown, then click L - Other Non-Deductible Loss (including Personal Loss).

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


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