1065-US: Reporting replacement property acquired after the tax return is filed (FAQ)

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Question

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

Answer

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 but is acquired within the specified period, complete Screen 4684PY 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 casualty or theft.

Related topic: Forms 4684, 4797, 6252, and 8824 and Schedule D FAQs (1065)

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