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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 TaxAct program.

Once this information has been entered, the TaxAct program will transfer your loss to Line 14 of Form 4797 Sale of Business Property, then Line 4 of Schedule 1 (Form 1040) Additional Income and Adjustments to Income.

To report casualty/theft loss on property used 100% for business on Form 4684 in the TaxAct program:

  1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
  2. Click the Business Income dropdown, 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 edit a form already created (desktop program: click Review instead of Edit).
  4. Continue with the interview process to enter your information.

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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