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Federal input screens

Screen 4684P - Personal Casualty and Theft Loss (1040)

Overview

Use this screen to complete Form 4684, Section A, Casualties and Thefts of personal use property. Enter information for each casualty or theft occurrence.
If there are more than 4 assets lost in the casualty or theft, add a 2nd unit of the 4684P screen for the 5th and additional assets. In the
Casualty/Theft number
 field, enter the same number for the assets lost in the same casualty or theft.
The dates of acquisition and sale entered in this screen determine short- versus long-term transactions, and the appropriate part of Form 4797, Form 6252, or Schedule D in which to report sales.
Asset module transfer
Data entered in the asset module automatically transfers to the appropriate fields on this screen. The transferred data displays in blue text.
You can overrule the transferred amount by entering the appropriate amount in any transferred field.
For more information on Overrules, please see Statements overview and Enabling notifications of overruled data.

General Information

Use this section of the screen to complete general information about the casualty or theft of personal use property.
The unit number will automatically transfer from the asset module to this field. Data isn't required in this field if the 4684P screen is manually completed.
The description entered in this field identifies the casualty or theft on the Form 4684, Section A - Personal Use Property.
Use this field to identify the client to which the casualty or theft belongs. If you leave this field blank, UltraTax CS defaults to the taxpayer.
If you are processing a state return, enter a state postal code in this field for proper state processing. Use this field to identify where the casualty or theft occurred. Some state applications use this information to calculate the state return. Use F4 in this field to display a list of available state postal codes.
See State fields for more information.

Form 4684 - Casualty/Theft - Personal Use Properties

Enter a unique number for each casualty or theft. Each casualty or theft should be entered in a separate unit of the 4684P screen. For example, if there were 2 casualties with lost assets in the current year, enter
1
 in the
Casualty/Theft number
 field in the 1st unit of the 4684P screen, then enter information for the assets lost in the 1st casualty. For the 2nd casualty, add a 2nd unit of the 4684P screen, enter
2
 in the
Casualty/Theft number
 field in the 2nd unit, then enter information for the assets lost in the 2nd casualty.
UltraTax CS uses the date of the casualty or theft to determine long- or short-term gains or losses; however, this information doesn't transfer to the return. Only 1 date of casualty per occurrence is allowed. The date of the casualty or theft will automatically transfer from the asset module .
If you mark this field, one of the following occurs.
  • For a return with itemized deductions,
     the net disaster loss from Form 4684, line 18, reports on Schedule A - Itemized Deductions, line 15, (or Form 1040NR, page 3, line 6, if applicable).
  • For a return with no itemized deductions,
     the net disaster loss isn't allowed as a deduction on the return.
Enter the FEMA disaster declaration number. This field is required for a federally declared disaster in an area eligible for assistance.
Qualified disasters are certain federal disasters that are declared by the President under the Stafford Act in a certain timeline. Refer to the Form 4684 instructions on what disasters are considered qualified. Qualified disasters are treated differently in that there isn't an AGI limitation and $500 per casualty floor.
If you mark both this field and the
Attributable to a federally declared disaster
 field, one of the following occurs.
  • For a return with itemized deductions,
     the net qualified disaster loss from Form 4684, line 15, reports on Schedule A - Itemized Deductions, line 16, (or Form 1040NR, page 3, line 7, if applicable) with the description “Net Qualified Disaster Loss.” This amount combines with any other itemized deductions on line 16.
  • For a return with no itemized deductions
    , the standard deduction increases by the amount of the net qualified disaster loss. Both amounts report on Schedule A, line 16, with the description, “Standard Ded w/Qual Disaster Loss,” and the combined total reports on Form 1040, line 8. If the standard deduction is increased by a net qualified disaster loss, the Standard Deduction Worksheet (Wrk 6) reflects the total on line 6, along with supporting text.
Enter
X
 in this field to deduct amounts paid to repair damage to a home or household appliances from corrosive drywall under Revenue Procedure 2010-36. When X is entered in this field:
  • The 4684P fields not applicable for Revenue Procedure 2010-36 reporting will become unavailable.
  • The
    Amount paid to repair damage to home or household appliances
     and
    Pending claim or pursuing reimbursement
     fields will become available.
  • "Revenue Procedure 2010-36" will print at the top of Form 4684.
See IRS Publication 547 for more information on reporting damages from corrosive drywall.
Enter the amount paid for repairs to a home or household appliances from corrosive drywall treated as a casualty loss under Revenue Procedure 2010-36. This amount will be reported on Form 4684, Section A, line 8. This field is available when X is entered in the
Revenue procedure 2010-36 damage to personal residence from corrosive drywall
 field.
Enter
X
 in this field if there is a pending claim for reimbursement or if the taxpayer intends to pursue reimbursement. This field is available when
X
 is entered in the
Revenue procedure 2010-36 damage to personal residence from corrosive drywall
 field. When X is entered in this field:
  • UltraTax CS calculates and displays 75% of the loss in the
    75% loss for
    2024
     field, and 25% of the loss in the
    25% loss available for
    2025
     field.
  • The calculated 75% loss will be reported on Form 4684, Section A, line 9.
  • The calculated 25% loss doesn't transfer to the return.
This field isn't available and displays 75% of the difference between the
Amount paid to repair damage to home or household appliances
 and
Total net reimbursement
 fields when
X
 has been entered in the
Pending claim or pursuing reimbursement
 field. This amount is reported on Form 4684, Section A, line 9.
This field isn't available and displays 25% of the difference between the
Amount paid to repair damage to home or household appliances
 and
Total net reimbursement
 fields when
X
 has been entered in the
Pending claim or pursuing reimbursement
 field. This amount doesn't transfer to the return.
Enter
X
 in this field to delete this unit of the 4684P screen during next year's proforma.

Casualty/Theft - Personal Use Properties

Use this section to complete Form 4684, Section A.
Enter a description of each property. A property description is required for the calculation of the property's corresponding fields in this screen.
The asset number will automatically transfer from the asset module .
The asset number won't transfer to the return, but will serve as a link to the data in the asset module . Data isn't required if data is entered directly in the 4684P screen.
The home office number will automatically transfer from the asset module .
The home office number won't transfer to the return, but will serve as a link to the data in the asset module .
UltraTax CS determines the short- or long-term holding period based on the dates entered in the
Date acquired
 and
Date of casualty or theft
 fields. To change the holding period, enter
1
 for short-term,
2
 for long-term, or
3
 for 28% rate.
Enter
X
 if you choose to postpone the entire gain on the casualty or theft, and either the replacement property was not acquired in the current year or only a portion of the replacement property was acquired in the current year. The asset information in the 4684P screen proformas to the CasPY screen in the following year.
Enter the date each property was acquired. Enter
I
 in the
Date acquired
 field to designate an asset as inherited; UltraTax CS treats this as a long-term holding period.
Enter the insurance or other reimbursement, expected or received, related to each property. Include any coverage available even if a reimbursement claim isn't filed. When reporting damages from corrosive drywall under Revenue Procedure 2010-36, enter only the amount of insurance or other reimbursements you received.
If the property that was destroyed was the main home and there's taxable gain after the home sale exclusion, select the property to link to the sale of the home. The insurance / reimbursement reduces by the amount of the exclusion, and a statement prints showing the reduction.
Enter the fair market value (FMV) of the properties before and after the loss.

Personal Use Replacement Information

Use this section of the screen to enter replacement property acquired in the year of the casualty or theft.
Enter a description of the replacement properties. This information prints in a postponed gain statement attached to Form 4684.
Enter
X
 in this field if the replacement property was acquired from a related party. UltraTax CS will recognize the entire gain in full in the year of the casualty or theft.
Enter the date the replacement property was acquired. This information prints in a postponed gain statement attached to Form 4684.
Enter the cost of the replacement property. This information prints in a postponed gain statement attached to Form 4684.
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