Casualty Loss Schedule C Equipment

Forum|Forum|3 years ago
April 8, 2023
2 replies
25 views

First, I am dazed & confused, so forgive me for asking.

Schedule C business has 1 piece of equipment lost in a fire.Adjusted basis 15360 FMV before fire 40000 FMV after fire 7500

Decrease in value 32500 Amt of Loss 15360

Insurance reimbursement 31500 Gain is 16140.

Yes it was replaced before the end of the year.

Question is in Pro Series is the order of entry begin with 4684 or on the Depreciation entry page?

I have gone in circles on this

Has been suggested I enter as disposition on Schedule C depreciation entry page and set new equipment up for depreciation. Would result be the same on the return?

After 30 yrs this one is causing me problems. Really any help with this will be greatly appreciated.

ProSeries Professional

This topic has been closed for replies.

Skylane

Intuit Community Champion

Look at Pub 544 for involuntary conversions. Did they replace the equipment?

If at first you don’t succeed…..find a workaround

sjrcpa

Level 15

"Yes it was replaced before the end of the year. "

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

R

ritastone001Author

Level 5

On my original post I asked where to begin with entries for this case. Whether to begin with 4684 or within the depreciation screen for the piece of equipment.

Yes I did ask a question about just doing a 4797, but like I said I was really tired Saturday.

I have figured out the sequence to get this return worked out.

Thank you all for your suggestions.

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