Report replacement property acquired after filing the tax return for postponed gain on a casualty or theft

If you have a gain on property lost in a casualty or theft, you can postpone the gain by acquiring replacement property within a specified period. If the replacement property isn't purchased in the year of the casualty or theft, complete the
4684PY
screen for the year in which the replacement property was purchased. UltraTax CS assumes the replacement property was acquired within the specified replacement period.
If the replacement property wasn't acquired within the required replacement period, you may need to amend the return for the tax year of the casualty. Refer to IRS Publication 547, Casualties, Disasters, and Thefts for more information on filing an amended return for the casualty gain tax year.

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