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Follow these steps to dispose of an asset as Casualty / Theft - No Replacement or Casualty / Theft - Replacement. Casualty / Theft information transfers to Form 4684.

Casualty / Theft - No Replacement

Use this method when the asset has been totally destroyed or stolen and no replacement asset will be purchased, or the asset was partially destroyed.

Casualty / Theft - Replacement

Use this method when the asset has been totally destroyed or stolen and replaced with a similar asset, or when replacement property was received as reimbursement.

Follow these steps to place an asset out of service.

1. Open the asset in Onvio Fixed Assets, then open the Disposal tab
2. Select Casualty / Theft No Replacement or Casualty / Theft - Replacement from the Disposal Method drop-down.
3. Choose an event from the Casualty/Theft Event drop-down or create a new event by clicking Add.

Replacement property should be:

• similar or related in service or use to the destroyed or stolen property.
• purchased specifically for replacing the destroyed or stolen property.
• purchased within a specific period of time.

See IRS Publication 547 for more information.