1040-US: Reporting the casualty or theft of an asset in UltraTax CS

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Question

What input screens are used to report the casualty or theft of an asset?

Answer

The following input screens report the casualty or theft of an asset.

Notes

  • If replacement property is not acquired within the replacement period including extensions, or if the replacement property is acquired at a cost less than the amount received, an amended return must be filed for the tax year of the gain. No gains calculated in Screen 4684PY or CasPY will be reported on the current-year return. A diagnostic message displays to amend the original return in this situation.
  • The tax application provides a client-specific option to specify the method of entering asset information: you can either enter it in the asset module or in the various depreciation screens. If you choose the asset module as the method of data entry, Screen 4684B is not applicable and does not appear. To enter asset information using Screen 4684B, choose File > Client Properties, click the Advanced Properties button, and clear the Enter asset detail information checkbox in the Enter Asset Detail tab to turn off the detailed asset information default. See Where do I enter asset data? for more information.

Related topic: Casualties and thefts FAQs (1040)

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