Form 4684 - Casualty and Theft Loss on Property Used 100% for Business

If you have a casualty and/or theft loss on property used 100% for business, you will report the loss on Form 4684 Casualties and Thefts, in Section B for business property. You will need to enter this through the Business Income topic of the Federal Q&A.

To enter or review business casualty/theft losses:

  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 Business Income in the Federal Quick Q&A Topics menu to expand, then click Casualty or theft loss from business property.
  3. Click + Add Form 4684 Section B to create a new copy of the form or click Edit to review a form already created.
  4. Continue with the interview process to enter all of the appropriate information.

Once this information has been entered, your loss will carry to Line 14 of Form 4797 Sale of Business Property. Your total gain/loss will then be carried to Line 4 of Schedule 1 (Form 1040) Additional Income and Adjustments to Income.

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.