Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen 4684PY - Prior Year Business Casualty and Theft (1040)

Form 4684 - General Information

Use this screen to enter replacement property information for a prior-year casualty or theft. The information reports on a statement for Form 4684, line 22. Enter a current-year casualty or theft in the 4684 screen. If you enter a current-year casualty or theft in the 4684PY screen, it will not report correctly on Form 4684.
These fields contain information about the business unit activity. This information is used to gather and coordinate other information for the business unit activity. For example, these fields enable information (such as income, loss, sales, and asset detail) to be linked for the activity.
Enter the date of the prior-year casualty or theft. Only one date of casualty per occurrence is allowed. The date of casualty appears in the statement for Form 4684, line 22 if the screen contains replacement property information.
Enter
X
 to delete this unit of the 4684PY screen during next year’s proforma. The 4684PY screen information proformas to the following year when there is a postponed casualty or theft gain without replacement property.

Prior Year Casualty/Theft Business/Income Producing Property

Use this section of the screen to complete Form 4684, Section B.
Enter
1
 to indicate trade or business property,
2
 to indicate income-producing property, or
3
 to indicate Employee property (State use only). This information proformas from the prior-year 4684 or 4684PY screen.
The dates in the
Date acquired
 and
Date of casualty or theft
 fields determine the short-term or long-term holding period. To change the holding period for the prior-year casualty or theft, enter
1
 for short-term or
2
 for long-term. This information proformas from the prior-year 4684 or 4684PY screen.
Enter
X
 if the gain on the casualty or theft was reported on prior-year Form 4797, Part III. This information proformas from the prior-year 4684 or 4684PY screen.
Enter the date that the taxpayer acquired each property. Enter
I
 in the
Date acquired
 field to designate an asset as inherited and to treat this as a long-term holding period. This information proformas from the prior-year 4684 or 4684PY screen.
Enter the insurance amount or other reimbursement amount related to each property. This information proformas from the prior-year 4684 or 4684PY screen.
Enter the fair market value (FMV) of the properties before the loss. This information proformas from the prior-year 4684 or 4684PY screen.
Enter the fair market value (FMV) of the properties after the loss. You can enter zero in the
FMV after loss
 fields. This information proformas from the prior-year 4684 or 4684PY screen.

Replacement Information For Prior Year Casualty/Theft

Use this section to enter information on replacement property that the taxpayer acquired in the current year for a casualty or theft that occurred in a prior year.
Enter the cost of the replacement property that the taxpayer purchased in a prior year. This amount, combined with the amount in the
Cost of replacement property
 field, prints in a statement for Form 4684, line 22.
Enter the cost of the replacement property purchased during the tax year. This amount, combined with the amount in the
4684PY Prior year cost of replacement property
 field, prints in a statement for Form 4684, line 22.
Enter the amount of gain postponed for the asset lost in the casualty or theft. This information proformas from the prior year and prints in a statement for Form 4684, line 22.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close