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To report gains and losses from a casualty or theft, file a separate Form 4684, Part 1 for each casualty or theft event.

• A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual.
• A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking of property must be illegal under the law of the state in which it occurred and it must have been done with criminal intent.

The Adjusted basis original asset is the original basis of the asset calculated with depreciation allowed or allowable. (Depreciation allowed or allowable is the greater of depreciation that should have been taken or the depreciation actually taken.) For a partial disposition, enter the adjusted basis calculated with depreciation allowed or allowable for the whole asset before it was divided in the Adjusted basis original asset field. You can override the calculated amount by entering a different amount in this field.

If a claim will be filed in the future or has been filed but reimbursement has not yet been received, include insurance coverage (less any deductible) in the Reimbursement entitled to but not received field.

Other reimbursements include:

• The part of a Federal disaster loan under the Disaster Relief Act that is forgiven and, therefore, does not have to be paid back.
• Repayments for damages and cost of repairs made by lessor.
• Court awards collected (minus lawyer's fees and other necessary expenses).
• Repairs, restoration, or cleanup services by relief agencies.
• Payment from bonding company.
• Some grants, gifts, and other payments if conditional.

Assets are considered grants and gifts only if they must be used specifically to repair or replace your property. See Form 4684 instructions for more information.

Other payments include:

• The part of a Federal disaster loan under the Disaster Relief Act that is forgiven and, therefore, does not have to be paid back.
• Repayments for damages and cost of repairs made by lessor.
• Court awards collected (minus lawyer's fees and other necessary expenses).
• Repairs, restoration, or cleanup services by relief agencies.
• Payment from bonding company.
• Any other payments only if they must be used specifically to repair or replace your property.

Click the Real Property button to open a dialog in which you can specify section 1250 information.

Click the Book Calculation button to open a dialog in which you can view and adjust the asset's Book calculation.

Mark the Treat entire basis as a current year acquisition (Election 1.168(i)-6(i)) checkbox to elect to treat the entire basis of the replacement property as a current-year acquisition. When you mark this checkbox, an election statement prints with Form 4562.