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:
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