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Common questions about Corporate Casualty of Theft in ProConnect Tax

SOLVEDby IntuitUpdated August 10, 2023

Common questions on reporting a casualty or theft in Corporate returns in ProConnect Tax

  1. Go to the Input Return  Deductions  Depreciation
  2. Select on the Details button for the asset that needs to be reported as a casualty or theft
  3. Select to the Disposition tab.
  4. Scroll down to the Casualty or Theft (4684) section
  5. Enter a description of the casualty or theft in Description (Fire, Robbery, Etc.).
  6. Enter an amount in Fair Market Value Before the Casualty or Theft.
  7. Enter an amount in Fair Market Value After the Casualty or Theft.
  8. Enter an amount in Insurance or Other Reimbursement.

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

  1. Go to the Input Return  Income  Dispositions (Schedule D, 4797, etc.)
  2. In the Quick Entry grid, enter the Description of Property and Date Acquired.
  3. Enter the date of the casualty or theft in Date Sold.
  4. Enter the Cost or Basis of the item.
  5. Select the Details button for that disposition
  6. Select the 4684, 6781, 8824, 42... tab
  7. Under the Casualties and Thefts (4684) section enter Description (fire, robbery, etc.)
  8. Enter the Fair Market Value Before Casualty or TheftFair Market Value After Casualty or Theft, and Insurance or Other Reimbursement.

Multiple losses can be reported from either the Dispositions (Schedule D, 4797, etc.) or Depreciation screens. Follow the steps for reporting a casualty or theft in those sections above and then make an input in the Multiple casualties (i.e., 2=2nd, 3=3rd) input. 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 those steps for each casualty or theft.

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