An IRS tax allowance whereby a filer can claim financial losses resulting from the destruction or theft of personal property from unforeseen events. Claimants cannot also receive compensation from their insurer; if so, the reimbursement must be claimed during the following tax year. There are limitations to the amount that can be claimed, including a per-loss reduction and a requirement to exclude 10% of Adjusted Gross Income from the total value.
Related information about casualty and theft losses:
- Tax Topics - Topic 515 Casualty, Disaster, and Theft Losses ...
Sep 12, 2012 ... Generally you may deduct casualty and theft losses relating to your home, household items and vehicles on your Federal income tax return.
- 2012 Instructions for Form 4684 - Internal Revenue Service
2012. Instructions for Form 4684. Casualties and Thefts. Department of the Treasury. Internal Revenue Service. Section references are to the Internal Revenue ...
- Casualty & Theft Losses
Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A.
- Casualty and Theft Losses – Federal Tax Guide • 1040.com – File ...
Casualty and theft losses are the unexpected loss of property. Casualty and theft losses are deductible as an itemized deduction. A casualty occurs when your ...
- Casualty And Theft Losses Definition | Investopedia
Deductible losses stemming from the loss or destruction of the taxpayer's personal property. In order to be deductible, casualty losses must result from a sudden ...
- Deducting Disaster: Casualty And Theft Losses
If you've been a victim, your losses may be deductible. Find out how.
- Casualty and Theft Losses | My Tax Manager on JacksonHewitt.com
My Resources|Tax Tips| Casualty and Theft Losses. Tax Tips icon. Tax Tips. Select one, Audit ... Casualty and Theft Losses. CASUALTY AND THEFT LOSS - ...
- Casualty and Theft Losses
Casualty and Theft Losses. If you've suffered the results of a theft, accident, fire, flood, or some other casualty during the year, you may be able to deduct some of ...