Publication 547
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Casualties, Disasters, and Thefts
Overview
This publication explains the tax treatment of casualties, thefts, and losses on deposits. A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event. A theft occurs when someone steals your property. A loss on deposits occurs when your financial institution becomes insolvent or bankrupt.
This publication discusses the following topics.
- Definitions of a casualty, theft, and loss on deposits.
- How to figure the amount of your gain or loss.
- How to treat insurance and other reimbursements you receive.
- The deduction limits.
- When and how to report a casualty or theft.
- The special rules for disaster area losses.
Forms to file. When you have a casualty or theft, you have to file Form 4684. You will also have to file one or more of the following forms.
- Schedule A (Form 1040)
- Schedule D (Form 1040)
- Form 4797
For details on which form to use, see How To Report Gains and Losses, later.
Condemnations. For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544.
Workbooks for casualties and thefts. Publication 584 is available to help you make a list of your stolen or damaged personal-use property and figure your loss. It includes schedules to help you figure the loss on your home and its contents, and your motor vehicles.
Publication 584-B is available to help you make a list of your stolen or damaged business or income-producing property and figure your loss.
Links
- Publication 547 (PDF format)
- Publication 547 (HTML format)
- Publication 547sp (Spanish version) (PDF format) - Hechos Fortuitos Desastres y Robos