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Federal input screens

Screen CasPY - Prior Year Personal Casualty and Theft (1040)

Overview

Use this screen to enter replacement property information for a prior-year casualty or theft of personal use property, or to calculate the remaining loss available from prior-year damage to a personal residence from corrosive drywall. The information is reported on a statement for Form 4684, line 4. Enter a current-year casualty or theft of personal use property in the 4684P screen. If you enter a current-year casualty or theft in the CasPY screen, it will not report correctly on Form 4684.
If you choose to postpone the entire gain on a current-year casualty or theft, but the replacement property was not purchased in the same year, the information in the 4684P screen will proforma to the CasPY screen the following year. If replacement property was purchased in the year following the casualty or theft, complete the
Replacement Information For Prior Year Casualty/Theft
 section in the CasPY screen. The replacement information is included in a statement for Form 4684, line 4.
When there is a 25 percent loss available to the following year in the 4684P screen from damage to a personal residence from corrosive drywall, the information in the 4684P screen will proforma to the CasPY screen the following year. The remaining loss can be calculated on Form 4684 by marking the
Include 25% loss available on Form 4684 in
2024
 field in the CasPY screen. Enter a current-year loss from damage to a personal residence from corrosive drywall in the 4684P screen.

Form 4684 - General Information

Use this section to complete general information about the prior year casualty or theft.
Use this field to identify where the casualty or theft occurred. Some state applications use this information to calculate the state return. Press
F4
 in this field to see a list of available state postal codes.
See State fields for more information.
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 4 if replacement property information is entered in the screen.
This field will proforma from the 4684P screen when there is a prior-year loss from damage to a personal residence from corrosive drywall with 25 percent of the loss available to the following year. Enter a current-year loss from damage to a personal residence from corrosive drywall in the 4684P screen.
This field will proforma from the 4684P screen when there is a prior-year loss from damage to a personal residence from corrosive drywall with 25 percent of the loss available to the following year. Enter a current-year loss from damage to a personal residence from corrosive drywall in the 4684P screen.
This field will proforma from the 4684P screen when there is a prior-year loss from damage to a personal residence from corrosive drywall with 25 percent of the loss available to the following year. Enter a current-year loss from damage to a personal residence from corrosive drywall in the 4684P screen.
Enter
X
 in this field to include the 25 percent loss available from
2023
 on Form 4684 under Revenue Procedure 2010-36 for losses from damage to a personal residence from corrosive drywall. When
X
 is entered in this field:
  • The fields not applicable for Revenue Procedure 2010-36 reporting will become unavailable.
  • "Revenue Procedure 2010-36" will print at the top of Form 4684.
  • The amount in the
    25% loss available from
    2023
     field will be reported on Form 4684, Section A, line 8.
See IRS Publication 547 for more information on reporting damages from corrosive drywall.
Enter
X
 in this field to delete this unit of the CasPY screen during next year's proforma.

Prior Year Casualty/Theft Personal Use Property

UltraTax CS determines the short-term 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 for the prior-year casualty or theft, enter
1
 for short-term,
2
 for long-term, or
3
 for 28-percent rate. This information proformas from prior-year 4684P or CasPY screen.
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. This information proformas from prior-year 4684P or CasPY screens.
Enter the insurance or other reimbursement related to each property. This information proformas from prior-year 4684P or CasPY screens.
If the property that was destroyed was the main home and there was a taxable gain after the home sale exclusion, enter the amount for the home sale exclusion. UltraTax CS will reduce the insurance / reimbursement by the amount of the exclusion.
Enter the fair market value (FMV) of the properties before and after the loss. You can make an entry of zero in the
FMV after loss
 field. This information proformas from prior-year 4684P or CasPY screens.

Personal Use Replacement Property

Use this section to enter replacement property acquired in the current year for a casualty or theft that occurred in a prior year.
Enter a description of the replacement property. This information prints in a statement for Form 4684, line 4.
Enter the date the replacement property was acquired. This information prints in a statement for Form 4684, line 4.
Enter the cost of the replacement property that was purchased in a prior year. UltraTax CS combines this amount with the amount in the
Cost of replacement property
 field and prints the information in a statement for Form 4684, line 4.
Enter the cost of the replacement property. This information prints in a statement for Form 4684, line 4.
Enter the amount of gain postponed for the asset lost in the casualty or theft. This information prints in a statement for Form 4684, line 4. This information proformas from the prior year.
Enter the adjusted basis of the replacement property.
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