How to enter a negligible value claim?
Article ID
108257
Article Name
How to enter a negligible value claim?
Created Date
26th September 2019
Product
Problem
How to enter a negligible value claim?
Resolution
This topic explains the process for entering a negligible value claim.
- Log on to IRIS Personal Tax and select the client.
- From the Edit menu select Capital Assets.
- Enter the loss into the system via one of the three options available.
- To offset this loss against the clients other income which arose in the year; select Edit(next to file) from the Capital Assets menu bar, then select Loses and Other Information.
- Complete the Losses used against this year’s income box within this screen.
This loss will now show as a deduction on the clients tax computation.
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