1040-US: Reporting replacement property acquired after the tax return is filed

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.

Characters left:

MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.


How do I report replacement property acquired after the tax return is filed?


If you have a gain on property lost in a casualty or theft, you can postpone the gain by acquiring replacement property within a specified period. If the replacement property is not purchased in the year of the casualty or theft, complete Screen 4684PY for business or income producing property or Screen CasPY for personal use properties for the year in which the replacement property was purchased. UltraTax CS assumes that the replacement property was acquired within the specified replacement period. If the replacement property was not acquired within the required replacement period, you may need to amend the return for the tax year of the gain.

Related topic: Casualties and thefts FAQs (1040)

Share This