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How to set up up a casualty or theft for a natural disaster loss in a preceding tax year in Lacerte
by Intuit• Updated 1 year ago
Follow these steps to set up the loss:
- Go to Screen 46, Elections.
- In the lower left sections panel, select the Election to Deduct Disaster Loss in Preceding Tax Year subsection.
- Input the information related to the loss.
- Go to Screen 17.1, Dispositions (Schedule D, 4797, etc).
- Enter the description, date acquired, date of sale (loss), and basis amount.
- In the lower left sections panel, select the Casualties and Thefts (4684) subsection and enter the following information:
- Description (fire, robbery, etc.)
- Enter the appropriate number in 1=personal, 2=business, 3=income, 4=employee.
- If you selected 1 for personal, the loss will show on Schedule A. If you selected 2 for business, the loss will show on Form 4684.
- Select the applicable disaster in Disaster Loss (Ctrl + T).
- Fair market value before casualty or theft
- FMV after casualty or theft (or leave blank if no value), or FMV determined under safe harbor method
- Insurance or other reimbursement
- Multiple casualties (number each casualty entered in this screen starting with 1)
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