Common questions on reporting a casualty or theft
Report a casualty or theft through depreciation
- Open Screen 21, Depreciation.
- In the Asset list, select the asset.
- In the Section list, select Sale or Other Disposition of Property.
- In the Casualty or Theft (4684) section, enter a description of the casualty or theft in Description (Fire, Robbery, Etc.).
- Enter an amount in Fair Market Value Before the Casualty or Theft.
- Enter an amount in Fair Market Value After the Casualty or Theft.
- Enter an amount in Insurance or Other Reimbursement.
Note: You can also record casualties and thefts on the Dispositions screen.
Report a casualty or theft through Dispositions
- Open Screen 15, Dispositions (Sch. D/4797/etc.).
- In the Disposition list, click the Add button to add the casualty or theft loss.
- In the Section list, select Dispositions (Schedule D, 4797, etc.).
- Enter the Description of Property and Date Acquired.
- Enter the date of the casualty or theft in Date Sold.
- In the Section list, select Schedule D.
- Enter the Cost or Other Basis of the item.
- In the Section list, select Casualties and Thefts (4684).
- Enter the Description, Fair Market Value Before Casualty or Theft, Fair Market Value After Casualty or Theft, and Insurance or Other Reimbursement.
Report multiple casualty or theft losses
- Open Screen 15, Dispositions (Sch. D/4797/etc.).
- In the Disposition list, click the Add button to add the casualty or theft loss.
- In the Section list, select Dispositions (Schedule D, 4797, etc.).
- Enter the Description of Property and Date Acquired.
- Enter the date of the casualty or theft in Date Sold.
- In the Section list, select Schedule D.
- Enter the Cost or Other Basis of the item.
- In the Section list, select Casualties and Thefts (4684).
- Enter the Description, Fair Market Value Before Casualty or Theft, Fair Market Value After Casualty or Theft, and Insurance or Other Reimbursement.
- 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.
- Repeat steps 2 through 10 for each casualty or theft