ProConnect HelpIntuit HelpIntuit

Corporate Casualty of Theft Frequently Asked Questions

SOLVEDby IntuitLacerte Tax3Updated July 27, 2021

Common questions on reporting a casualty or theft

  1. Open Screen 21, Depreciation.
  2. In the Asset list, select the asset.
  3. In the Section list, select Sale or Other Disposition of Property.
  4. In the Casualty or Theft (4684) section, enter a description of the casualty or theft in Description (Fire, Robbery, Etc.).
  5. Enter an amount in Fair Market Value Before the Casualty or Theft.
  6. Enter an amount in Fair Market Value After the Casualty or Theft.
  7. Enter an amount in Insurance or Other Reimbursement.

Note: You can also record casualties and thefts on the Dispositions screen.

  1. Open Screen 15, Dispositions (Sch. D/4797/etc.).
  2. In the Disposition list, click the Add button to add the casualty or theft loss.
  3. In the Section list, select Dispositions (Schedule D, 4797, etc.).
  4. Enter the Description of Property and Date Acquired.
  5. Enter the date of the casualty or theft in Date Sold.
  6. In the Section list, select Schedule D.
  7. Enter the Cost or Other Basis of the item.
  8. In the Section list, select Casualties and Thefts (4684).
  9. Enter the Description, Fair Market Value Before Casualty or Theft, Fair Market Value After Casualty or Theft, and Insurance or Other Reimbursement.
  1. Open Screen 15, Dispositions (Sch. D/4797/etc.).
  2. In the Disposition list, click the Add button to add the casualty or theft loss.
  3. In the Section list, select Dispositions (Schedule D, 4797, etc.).
  4. Enter the Description of Property and Date Acquired.
  5. Enter the date of the casualty or theft in Date Sold.
  6. In the Section list, select Schedule D.
  7. Enter the Cost or Other Basis of the item.
  8. In the Section list, select Casualties and Thefts (4684).
  9. Enter the Description, Fair Market Value Before Casualty or Theft, Fair Market Value After Casualty or Theft, and Insurance or Other Reimbursement.
  10. Make entries for Multiple Casualties. Leave this field blank for the first casualty, enter 2 for the second casualty, enter 3 for the third casualty, and so on. The program uses this entry to calculate Form 4684, Part II.
  11. Repeat steps 2 through 10 for each casualty or theft

Was this helpful?

You must sign in to vote, reply, or post
Lacerte Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.