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Common questions about Corporate Casualty of Theft in Lacerte

by Intuit•2• Updated 4 days ago

Common questions on reporting a casualty or theft in the Corporate module of Lacerte

Report a casualty or theft through depreciation
Report a casualty or theft through dispositions
Report multiple casualty or theft losses

Report a casualty or theft through depreciation

Open Screen 21, Depreciation.

In the Asset list, select the asset.

In the Section list, select 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

Lacerte Tax

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