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How to enter a casualty or theft for Form 4684

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How to enter a casualty or theft for Form 4684

This article will walk you through entering a casualty or theft for Form 4684 in an individual return in ProConnect Tax Online. Losses may be entered in two different areas, depending on whether the loss is personal or business.

Follow these steps to enter a personal loss for Form 4684, page 1:

  1. Go to the Input Return tab.
  2. On the left-side menu, select Income.
  3. Click on Schedule D/4797/etc.
  4. In the Quick Entry grid, enter the Description and Date Acquired.
  5. Enter the date of the casualty or theft in Date Sold.
  6.  Enter the Cost or Basis.
  7. Leave the Sales Price blank.
  8. Click Details to expand the input.
  9. On the left-side menu, select Casualties and Thefts (4684).
  10. Enter 1 in 1=personal, 2=business, 3=income, 4=employee.
  11. Fill out any other applicable information here.
    • Note:  If treating as personal loss, the Form 4684 will only generate if a Schedule A is generated for the return.

Follow these steps to enter a business loss for Form 4684, page 2:

  1. Go to the Input Return tab.
  2. On the left-side menu, select Deductions.
  3. Click on Depreciation.
  4. Locate the asset that was lost in the Quick Entry grid.
  5. Click the Details button.
  6. On the left-side menu, select General Disposition Information.
  7. Enter the date of casualty or theft in Date sold, disposed, or retired (MANDATORY).
  8. On the left-side menu, click Casualty or Theft (4684).
  9. Fill out any applicable information here.
 


Related Topics

2016 4684 Disaster Loss Provisions Updated
4684 Defer Gain from Disaster or Involuntary Conversion
1040 - Casualty and Loss Amounts Reduced on Schedule A
2018 Individual and Business Tax Reform - Summary of Changes

 

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