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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

What input screens are used to report the current-year and prior-year casualty or theft of an asset?

Answer

• Screen 4684 - Use Screen 4684 to enter a current-year casualty or theft for an asset without a section 179 expense deduction. The information you enter in Screen 4684 is used to complete Form 4684.
• Screen 4684PY - Use Screen 4684PY to enter replacement information for a casualty or theft that occurred in a prior year for an asset without a section 179 expense deduction. Per Publication 547, a statement should be attached to Form 4684 for the year in which you acquire the replacement property. The statement should contain detailed information about the replacement property. UltraTax CS uses the information that you enter in Screen 4684PY to create that statement.
• Screen SalePT - Use Screen SalePT to enter current-year and prior-year casualty or theft information for an asset with a section 179 expense deduction. You must also mark the Disposition due to casualty or theft field. The information that you enter in Screen Sale-PT is separately stated on Schedule K, line 20c and Schedule K-1, box 20, code L.
• Screen K1Sale - Use Screen K1Sale to report separately stated current-year and prior-year casualty or theft information for an asset with a section 179 expense deduction from Schedule K-1, box 20, code L from a passthrough entity in which the partnership is a partner. You must also mark the Disposition due to casualty or theft field. The information that you enter in Screen K1Sale is separately stated on Schedule K, line 20c and Schedule K-1, box 20, code L.

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