Designating an asset as a casualty / theft - replacement or no replacement

Alerts and notices

Casualty / Theft - No Replacement

Use this method when the asset has been totally destroyed or stolen and no replacement asset will be purchased, or the asset was partially destroyed. The disposal information transfers to the UltraTax CS 4684 input screen.

Casualty / Theft - Replacement

Use this method when the asset has been totally destroyed or stolen and replaced with a similar asset, or when replacement property was received as reimbursement. The disposal information transfers to the UltraTax CS 4684 input screen.

Replacement property should be:

  • similar or related in service or use to the destroyed or stolen property.
  • purchased specifically for replacing the destroyed or stolen property.
  • purchased within a specific period of time.

See IRS Publication 547 for more information.

Related topics

Entering disposal information

Disposal methods

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