This article will show you how to generate Form 4684, Casualties and Thefts, and how to report a casualty or theft.
To enter a casualty or theft on Screen 22, Depreciation:
- Go to Screen 22, Depreciation.
- Select the Casualty or Theft (4684) section from the lower left sections menu.
- Enter the Description (fire, robbery, etc.).
- Enter 1 in Blank=trade or business, 1=income producing (if the asset was an income-producing property).
- Enter the Fair market value before the casualty or theft.
- Enter the Fair market value after the casualty or theft.
- Enter any Insurance or other reimbursement.
- Enter a number in, Multiple casualties (if applicable).
- Leave this field blank for the first casualty. Enter 2 for the second casualty, 3 for the third casualty, and so on. Lacerte uses this entry to calculate Form 4684, lines 1–12 for each casualty.
To enter a casualty or theft on Screen 17, Dispositions:
- Go to Screen 17, Dispositions.
- Select the Add button from the left menu.
- Enter the applicable information for the property:
- Description of property
- Date acquired (negative date=various)
- Date sold (negative date=various)
- This will be the date the casualty or theft occurred on.
- Cost or basis (do not reduce by depreciation)
- Select the Casualties and Thefts (4684) section from the lower left sections menu.
- Enter the Description (fire, robbery, etc.).
- Enter a 1, 2, 3, or 4 in 1=personal, 2=business, 3=income, 4=employee.
- Enter the Fair market value before casualty or theft.
- Enter the Fair market value after casualty or theft.
- Enter any Insurance or other reimbursement.
- Enter a number in the field For multiple personal casualty events, enter additional casualty number (if applicable).
- Leave this field blank for the first casualty. Enter 2 for the second casualty, 3 for the third casualty, and so on. Lacerte uses this entry to calculate Form 4684, lines 1–12 for each casualty.