2018 UltraTax CS
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Question
What input screens do I use to report the casualty or theft of an asset?
Answer
Enter data in the following input screens to report the casualty or theft of an asset.
- Screen 4684B: Use this screen to enter a current-year casualty or theft of business or income producing property. Information entered in this screen will be reported on Form 4684, Page 2.
- Screen 4684P: Use this screen to enter a current-year casualty or theft of personal use property. The information you enter in this screen will be reported on Form 4684, Page 1.
- Screen 4684PY: Use this screen to enter replacement information for a casualty or theft of a business and income producing property that occurred in a prior year.
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 on Screen 4684PY will be reported on the current-year return.
- To use a client-specific option to specify the method by which you enter asset information, enter asset information either 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 use Screen 4684B to enter asset information, 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 Asset data entry for more information.
Related topic: 1041-US: Casualties and thefts FAQs
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