When I enter the amounts for FMV before and FMV after a casualty loss the amounts do not show up on lines 5 and 6 of form 4684. What am I doing wrong?

Forum|Forum|4 years ago
August 10, 2021
3 replies
16 views

No text available

ProConnect Tax

This topic has been closed for replies.

sjrcpa

Level 15

Forgetting that an individual generally can't claim a personal casualty loss in 2020? I think there's an exception for certain disasters.

The more I know the more I don’t know.

T

Terry53029

Intuit Community Champion

Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster declared by the President

T

ts-highlakestax-Author

Level 2

Problem solved. It's a federal disaster area so a personal casualty can be taken. However, with a personal casualty, when the insurance reimbursement is larger than the adjusted basis of the property the reduction in FMV is irrelevant, even if this reduction is lower than the adjusted basis. Because of this, Proconnect simply leaves the before and after FMV off of form 4684.

Sign up

Login with SSO

Let's get you signed in

Login with SSO