Fire And 4684

[JenMO]

Business bldg burned, insurnance paid. Client built back same type, but new bldg cost more than insurance paid. There would be postponed gain, as insurance paid more than basis of orginal bldg (cost minus deprc). Does this go on the 4684? how do you postpone gain on the 4684? Do I need to attach a statement. I know how all the figures should work, just not sure where they all go on the forms.

[JenMO]

Any help? I can read the instructions as to how and why, but it doesn't say where.

[Koss]

Postponed Gain

Publication 547 says that Form 4864 should not be used to report any gain that is postponed. I think you just attach a detailed statement, showing how you figured the gain, and explaining that you have chosen to postpone the gain.

BMK

[JenMO]

Thanks, because I sure couldn't get the 4684 to work. And that will be an efile exclusion.

[ddoshan]

Form 4684 seems to allow entries for postponment of gain. I did one this year. Mark 4684 as a business casualty and information flows to form 4797. Also the form asks or allows you to add any statement in regards to the casualty.

[Koss]

Form 4684

Where on Form 4684 do you enter a gain that is postponed?

What line number?

BMK

[ddoshan]

When I enter in a business casualty on form 4684 it generates form 4797 which shows see statement. From the figures entered on form 4684 a statement is generated showing the pertinent figures .. basis, insurance, gain deferred, new basis for property etc.

[ddoshan]

One correction with the gain postponed it is form 4684 that indicates see statement and a statement showing all of the details is generated. Nothing goes to form 4797 as I may have implied or thought.

[JenMO]

I can't find a statement part in my software

[ddoshan]

I can't find a statement part in my software

Fill out form 4684 and answer all of the questions, fill in all of the information such as basis, reimbursement etc. Then view the return and you may be suprised that the information shows up showing the necessary information.