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Deductions

Report the casualty or theft of an asset

The following input screens report the casualty or theft of an asset.
  • 4684B screen:
     Use this screen to enter a current-year casualty or theft of business and income producing property. Information entered in this screen will be reported on Form 4684, Page 2. If the replacement property is not purchased in the year of the casualty or theft, information on this screen will proforma to the 4684PY screen.
    note
    The default data entry for Section B of 4684 is in the disposal tab, in the asset module, when the Method is Casualty / Theft. You can access the 4684B screen by disabling the asset module under
    File
    ,
    Client Properties
    ,
    Advanced Properties
    , then the
    Enter Asset Detail
     tab.
  • 4684Elec screen:
     Use this screen to enter information for Form 4684, Page 4, to make or revoke an election to deduct a federally declared disaster loss in the preceding tax year.
  • 4684P screen:
     Use this screen to enter a current-year casualty or theft of personal use property. Information entered in this screen will be reported on Form 4684, Page 1. If the replacement property is not purchased in the year of the casualty or theft, information on this screen will proforma to the
    4684PY
     screen.
  • 4684PY screen:
     Use this screen to enter replacement information for a casualty or theft of business and income producing property that occurred in a prior year. Per Publication 547, a statement should be attached to Form 4684, line 22, for the year in which the replacement property was acquired. The statement should contain detailed information about the replacement property. The Replacement Information for Prior Year Casualty/Theft section on the
    4684PY
     screen is used to generate this statement.
  • CasPY screen:
     Use this screen to enter replacement information for a casualty or theft of personal use property that occurred in a prior year. Per Publication 547, a statement should be attached to Form 4684 for the year in which the replacement property was acquired. The statement should contain detailed information about the replacement property. The
    CasPY
     screen is used to generate this statement.
  • Ponzi screen:
     Use this screen to enter a current year theft loss related to a fraudulent investment arrangement using Revenue Procedure 2009-20 procedures. Fraudulent investment arrangements are commonly referred to as Ponzi schemes. Information entered in this screen will be reported on Form 4684 page 3.
note
  • If replacement property isn't 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 in the
    4684PY
     or
    CasPY
     screen will be reported on the current-year return. A diagnostic message displays to amend the original return in this situation.
  • UltraTax CS provides a client-specific option to specify the method of entering asset information: you can either enter it in the asset module or in the various depreciation screens. If you choose the asset module as the method of data entry, the
    4684B
     screen isn't applicable and doesn't show. To enter asset information using the
    4684B
     screen, select
    File
    ,
    Client Properties
    ,
    Advanced Properties
    , then clear the
    Enter asset detail information
     checkbox in the Enter Asset Detail tab to turn off the detailed asset information default.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual

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