File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

2010 Tax Amendment Form

Irs 1040ez 2012 InstructionsState Income Taxes 2012How To Amend Your TaxesTaxact20121040 Form 2012Self Employment TaxesIrs 1040ez InstructionsTurbo Tax Self EmployedCan I File A 1040x OnlineHow To Fill Out A 1040x Step By Step1040ez Form For 2010State Franchise Tax FormsFile 1040x Online FreeNeed Print 1040x FormFederal Income Tax Rates 2012Taxes SoftwareWww Hrblock Com Lp Efile Html &otppartnerid 9012&campaignid Ps_mcm_9012_0011&omnisource Msn Camp028d E Efile Free M Desktop BmmIrs Form 1040 Ez2010 Tax Forms 1040ezEfile Tax Return For Free2012 Federal Income Tax1040 Ez 2013 Tax FormTax 2012H And R Block File For FreeHow Do You File 2011 Taxes In 2013H&r Block Free Military TaxesCan I Efile My 2011 TaxesHow To Fill Out 1040x FormFree Federal Tax FormsShould College Students File TaxesForm 1040x 2012 IrsTurbotax Free FileNeed To File 2011 Tax ReturnHow To File A Amended Tax ReturnIrs Amended Tax Form1040 Ez FormAmend Tax Return 20121040ezFree State E File TaxesAmending 2011 Tax Return

2010 Tax Amendment Form

2010 tax amendment form 15. 2010 tax amendment form   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. 2010 tax amendment form . 2010 tax amendment form  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). 2010 tax amendment form NIIT is a 3. 2010 tax amendment form 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. 2010 tax amendment form NIIT may need to be included when calculating your estimated tax. 2010 tax amendment form For more information, see Publication 505,Tax Withholding and Estimated Tax. 2010 tax amendment form Additional Medicare Tax. 2010 tax amendment form  For tax years beginning in 2013, a 0. 2010 tax amendment form 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. 2010 tax amendment form You may need to include this amount when figuring your estimated tax. 2010 tax amendment form For more information, see Publication 505. 2010 tax amendment form Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. 2010 tax amendment form See Publication 505 for the general rules and requirements for paying estimated tax. 2010 tax amendment form If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. 2010 tax amendment form Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. 2010 tax amendment form S. 2010 tax amendment form Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. 2010 tax amendment form Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. 2010 tax amendment form If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. 2010 tax amendment form Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. 2010 tax amendment form See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. 2010 tax amendment form See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. 2010 tax amendment form Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. 2010 tax amendment form On a joint return, you must add your spouse's gross income to your gross income. 2010 tax amendment form To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. 2010 tax amendment form Wages, salaries, tips, etc. 2010 tax amendment form Taxable interest. 2010 tax amendment form Ordinary dividends. 2010 tax amendment form Taxable refunds, credits, or offsets of state and local income taxes. 2010 tax amendment form Alimony. 2010 tax amendment form Gross business income from Schedule C (Form 1040). 2010 tax amendment form Gross business receipts from Schedule C-EZ (Form 1040). 2010 tax amendment form Capital gains from Schedule D (Form 1040). 2010 tax amendment form Losses are not netted against gains. 2010 tax amendment form Gains on sales of business property. 2010 tax amendment form Taxable IRA distributions, pensions, annuities, and social security benefits. 2010 tax amendment form Gross rental income from Schedule E (Form 1040). 2010 tax amendment form Gross royalty income from Schedule E (Form 1040). 2010 tax amendment form Taxable net income from an estate or trust reported on Schedule E (Form 1040). 2010 tax amendment form Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). 2010 tax amendment form Gross farm rental income from Form 4835. 2010 tax amendment form Gross farm income from Schedule F (Form 1040). 2010 tax amendment form Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). 2010 tax amendment form Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). 2010 tax amendment form Unemployment compensation. 2010 tax amendment form Other income not included with any of the items listed above. 2010 tax amendment form Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. 2010 tax amendment form It includes the following amounts. 2010 tax amendment form Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. 2010 tax amendment form Income from a plantation, ranch, nursery, range, orchard, or oyster bed. 2010 tax amendment form Crop shares for the use of your land. 2010 tax amendment form Gains from sales of draft, breeding, dairy, or sporting livestock. 2010 tax amendment form Gross income from farming is the total of the following amounts from your tax return. 2010 tax amendment form Gross farm income from Schedule F (Form 1040). 2010 tax amendment form Gross farm rental income from Form 4835. 2010 tax amendment form Gross farm income from Schedule E (Form 1040), Parts II and III. 2010 tax amendment form Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. 2010 tax amendment form For more information about income from farming, see chapter 3. 2010 tax amendment form Farm income does not include any of the following: Wages you receive as a farm employee. 2010 tax amendment form Income you receive from contract grain harvesting and hauling with workers and machines you furnish. 2010 tax amendment form Gains you receive from the sale of farm land and depreciable farm equipment. 2010 tax amendment form Percentage From Farming Figure your gross income from all sources, discussed earlier. 2010 tax amendment form Then figure your gross income from farming, discussed earlier. 2010 tax amendment form Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. 2010 tax amendment form Example 1. 2010 tax amendment form Jane Smith had the following total gross income and farm gross income amounts in 2013. 2010 tax amendment form Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). 2010 tax amendment form However, that loss is not netted against the gain to figure Ms. 2010 tax amendment form Smith's total gross income or her gross farm income. 2010 tax amendment form Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. 2010 tax amendment form 64). 2010 tax amendment form Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. 2010 tax amendment form You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. 2010 tax amendment form You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. 2010 tax amendment form 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. 2010 tax amendment form If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. 2010 tax amendment form See Required Annual Payment , next, for details. 2010 tax amendment form Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. 2010 tax amendment form Example 2. 2010 tax amendment form Assume the same fact as in Example 1. 2010 tax amendment form Ms. 2010 tax amendment form Smith's gross farm income is only 64% of her total income. 2010 tax amendment form Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. 2010 tax amendment form However, she does qualify if at least two-thirds of her 2012 gross income was from farming. 2010 tax amendment form Example 3. 2010 tax amendment form Assume the same facts as in Example 1 except that Ms. 2010 tax amendment form Smith's farm income from Schedule F was $90,000 instead of $75,000. 2010 tax amendment form This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). 2010 tax amendment form She qualifies to use the special estimated tax rules for qualified farmers, since 67. 2010 tax amendment form 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . 2010 tax amendment form 679). 2010 tax amendment form Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. 2010 tax amendment form Apply the following special rules for qualified farmers to the worksheet. 2010 tax amendment form On line 14a, multiply line 13c by 662/3% (. 2010 tax amendment form 6667). 2010 tax amendment form On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. 2010 tax amendment form For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. 2010 tax amendment form For more information, see chapter 4 of Publication 505. 2010 tax amendment form Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. 2010 tax amendment form Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. 2010 tax amendment form See the instructions for Form 2210-F. 2010 tax amendment form Figure 15-1. 2010 tax amendment form Estimated Tax for Farmers Please click here for the text description of the image. 2010 tax amendment form Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. 2010 tax amendment form You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. 2010 tax amendment form If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. 2010 tax amendment form Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. 2010 tax amendment form Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

Contact My Local Office in Kentucky

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City Street Address Days/Hours of Service Telephone*
Bowling Green 200 West Professional
Park Court
Bowling Green, KY 42104

Monday-Friday 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

Services Provided

(270) 782-7667
Hopkinsville 121 W. Tenth St.
Hopkinsville, KY 42240

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

Services Provided

(270) 886-6625 
Lexington  1500 Leestown Rd.
Lexington, KY 40511 

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

Services Provided

(859) 244-2400 
Louisville  600 Dr. Martin Luther
King Jr. Place
Louisville, KY 40202 

Monday-Friday - 8:30 a.m.-4:30 p.m. 

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(502) 582-6700 
Owensboro  401 Frederica St.
Owensboro, KY 42301 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:30 a.m. - 12:30 p.m.)

 

   Services Provided

(270) 852-8490 
Paducah  2765 Wayne Sullivan Dr.
Paducah, KY 42003 

Monday - Friday  8:30 a.m. - 4:30 p.m.
(Closed for lunch 11:30 a.m.-12:30 p.m.) 

 

Services Provided

(270) 443-1977 
Prestonsburg  311 N. Arnold Ave.
Prestonsburg, KY 41653 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.) 

 

Services Provided

(606) 889-1590 

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Call (502) 582-6030 in Louisville or 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
600 Dr. Martin Luther King, Jr. Place
Room 321
Louisville, KY 40202

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The 2010 Tax Amendment Form

2010 tax amendment form 11. 2010 tax amendment form   Casualties, Thefts, and Condemnations Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Casualties and TheftsDeductible losses. 2010 tax amendment form Nondeductible losses. 2010 tax amendment form Family pet. 2010 tax amendment form Progressive deterioration. 2010 tax amendment form Decline in market value of stock. 2010 tax amendment form Mislaid or lost property. 2010 tax amendment form Farming Losses How To Figure a Loss Deduction Limits on Losses of Personal-Use Property When Loss Is Deductible Proof of Loss Figuring a Gain Other Involuntary ConversionsCondemnation Irrigation Project Livestock Losses Tree Seedlings Postponing GainException. 2010 tax amendment form Related persons. 2010 tax amendment form Replacement Property Replacement Period How To Postpone Gain Disaster Area LossesWho is eligible. 2010 tax amendment form Covered disaster area. 2010 tax amendment form Reporting Gains and Losses Introduction This chapter explains the tax treatment of casualties, thefts, and condemnations. 2010 tax amendment form A casualty occurs when property is damaged, destroyed, or lost due to a sudden, unexpected, or unusual event. 2010 tax amendment form A theft occurs when property is stolen. 2010 tax amendment form A condemnation occurs when private property is legally taken for public use without the owner's consent. 2010 tax amendment form A casualty, theft, or condemnation may result in a deductible loss or taxable gain on your federal income tax return. 2010 tax amendment form You may have a deductible loss or a taxable gain even if only a portion of your property was affected by a casualty, theft, or condemnation. 2010 tax amendment form An involuntary conversion occurs when you receive money or other property as reimbursement for a casualty, theft, condemnation, disposition of property under threat of condemnation, or certain other events discussed in this chapter. 2010 tax amendment form If an involuntary conversion results in a gain and you buy qualified replacement property within the specified replacement period, you can postpone reporting the gain on your income tax return. 2010 tax amendment form For more information, see Postponing Gain , later. 2010 tax amendment form Topics - This chapter discusses: Casualties and thefts How to figure a loss or gain Other involuntary conversions Postponing gain Disaster area losses Reporting gains and losses Drought involving property connected with a trade or business or a transaction entered into for profit Useful Items - You may want to see: Publication 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 584-B Business Casualty, Disaster, and Theft Loss Workbook Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch D (Form 1040) Capital Gains and Losses Sch F (Form 1040) Profit or Loss From Farming 4684 Casualties and Thefts 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. 2010 tax amendment form Casualties and Thefts If your property is destroyed, damaged, or stolen, you may have a deductible loss. 2010 tax amendment form If the insurance or other reimbursement is more than the adjusted basis of the destroyed, damaged, or stolen property, you may have a taxable gain. 2010 tax amendment form Casualty. 2010 tax amendment form   A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. 2010 tax amendment form A sudden event is one that is swift, not gradual or progressive. 2010 tax amendment form An unexpected event is one that is ordinarily unanticipated and unintended. 2010 tax amendment form An unusual event is one that is not a day-to-day occurrence and that is not typical of the activity in which you were engaged. 2010 tax amendment form Deductible losses. 2010 tax amendment form   Deductible casualty losses can result from a number of different causes, including the following. 2010 tax amendment form Airplane crashes. 2010 tax amendment form Car, truck, or farm equipment accidents not resulting from your willful act or willful negligence. 2010 tax amendment form Earthquakes. 2010 tax amendment form Fires (but see Nondeductible losses next for exceptions). 2010 tax amendment form Floods. 2010 tax amendment form Freezing. 2010 tax amendment form Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses, in Publication 547. 2010 tax amendment form Lightning. 2010 tax amendment form Storms, including hurricanes and tornadoes. 2010 tax amendment form Terrorist attacks. 2010 tax amendment form Vandalism. 2010 tax amendment form Volcanic eruptions. 2010 tax amendment form Nondeductible losses. 2010 tax amendment form   A casualty loss is not deductible if the damage or destruction is caused by the following. 2010 tax amendment form Accidentally breaking articles such as glassware or china under normal conditions. 2010 tax amendment form A family pet (explained below). 2010 tax amendment form A fire if you willfully set it, or pay someone else to set it. 2010 tax amendment form A car, truck, or farm equipment accident if your willful negligence or willful act caused it. 2010 tax amendment form The same is true if the willful act or willful negligence of someone acting for you caused the accident. 2010 tax amendment form Progressive deterioration (explained below). 2010 tax amendment form Family pet. 2010 tax amendment form   Loss of property due to damage by a family pet is not deductible as a casualty loss unless the requirements discussed above under Casualty are met. 2010 tax amendment form Example. 2010 tax amendment form You keep your horse in your yard. 2010 tax amendment form The ornamental fruit trees in your yard were damaged when your horse stripped the bark from them. 2010 tax amendment form Some of the trees were completely girdled and died. 2010 tax amendment form Because the damage was not unexpected or unusual, the loss is not deductible. 2010 tax amendment form Progressive deterioration. 2010 tax amendment form   Loss of property due to progressive deterioration is not deductible as a casualty loss. 2010 tax amendment form This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. 2010 tax amendment form Examples of damage due to progressive deterioration include damage from rust, corrosion, or termites. 2010 tax amendment form However, weather-related conditions or disease may cause another type of involuntary conversion. 2010 tax amendment form See Other Involuntary Conversions , later. 2010 tax amendment form Theft. 2010 tax amendment form   A theft is the taking and removing of money or property with the intent to deprive the owner of it. 2010 tax amendment form The taking of property must be illegal under the law of the state where it occurred and it must have been done with criminal intent. 2010 tax amendment form You do not need to show a conviction for theft. 2010 tax amendment form   Theft includes the taking of money or property by the following means: Blackmail, Burglary, Embezzlement, Extortion, Kidnapping for ransom, Larceny, Robbery, or Threats. 2010 tax amendment form The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. 2010 tax amendment form Decline in market value of stock. 2010 tax amendment form   You cannot deduct as a theft loss the decline in market value of stock acquired on the open market for investment if the decline is caused by disclosure of accounting fraud or other illegal misconduct by the officers or directors of the corporation that issued the stock. 2010 tax amendment form However, you can deduct as a capital loss the loss you sustain when you sell or exchange the stock or the stock becomes completely worthless. 2010 tax amendment form You report a capital loss on Schedule D (Form 1040). 2010 tax amendment form For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. 2010 tax amendment form Mislaid or lost property. 2010 tax amendment form   The simple disappearance of money or property is not a theft. 2010 tax amendment form However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. 2010 tax amendment form Example. 2010 tax amendment form A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. 2010 tax amendment form The diamond falls from the ring and is never found. 2010 tax amendment form The loss of the diamond is a casualty. 2010 tax amendment form Farming Losses You can deduct certain casualty or theft losses that occur in the business of farming. 2010 tax amendment form The following is a discussion of some losses you can deduct and some you cannot deduct. 2010 tax amendment form Livestock or produce bought for resale. 2010 tax amendment form   Casualty or theft losses of livestock or produce bought for resale are deductible if you report your income on the cash method. 2010 tax amendment form If you report your income on an accrual method, take casualty and theft losses on property bought for resale by omitting the item from the closing inventory for the year of the loss. 2010 tax amendment form You cannot take a separate deduction. 2010 tax amendment form Livestock, plants, produce, and crops raised for sale. 2010 tax amendment form   Losses of livestock, plants, produce, and crops raised for sale are generally not deductible if you report your income on the cash method. 2010 tax amendment form You have already deducted the cost of raising these items as farm expenses, so their basis is equal to zero. 2010 tax amendment form   For plants with a preproductive period of more than 2 years, you may have a deductible loss if you have a tax basis in the plants. 2010 tax amendment form You usually have a tax basis if you capitalized the expenses associated with these plants under the uniform capitalization rules. 2010 tax amendment form The uniform capitalization rules are discussed in chapter 6. 2010 tax amendment form   If you report your income on an accrual method, casualty or theft losses are deductible only if you included the items in your inventory at the beginning of your tax year. 2010 tax amendment form You get the deduction by omitting the item from your inventory at the close of your tax year. 2010 tax amendment form You cannot take a separate casualty or theft deduction. 2010 tax amendment form Income loss. 2010 tax amendment form   A loss of future income is not deductible. 2010 tax amendment form Example. 2010 tax amendment form A severe flood destroyed your crops. 2010 tax amendment form Because you are a cash method taxpayer and already deducted the cost of raising the crops as farm expenses, this loss is not deductible, as explained above under Livestock, plants, produce, and crops raised for sale . 2010 tax amendment form You estimate that the crop loss will reduce your farm income by $25,000. 2010 tax amendment form This loss of future income is also not deductible. 2010 tax amendment form Loss of timber. 2010 tax amendment form   If you sell timber downed as a result of a casualty, treat the proceeds from the sale as a reimbursement. 2010 tax amendment form If you use the proceeds to buy qualified replacement property, you can postpone reporting the gain. 2010 tax amendment form See Postponing Gain , later. 2010 tax amendment form Property used in farming. 2010 tax amendment form   Casualty and theft losses of property used in your farm business usually result in deductible losses. 2010 tax amendment form If a fire or storm destroyed your barn, or you lose by casualty or theft an animal you bought for draft, breeding, dairy, or sport, you may have a deductible loss. 2010 tax amendment form See How To Figure a Loss , later. 2010 tax amendment form Raised draft, breeding, dairy, or sporting animals. 2010 tax amendment form   Generally, losses of raised draft, breeding, dairy, or sporting animals do not result in deductible casualty or theft losses because you have no basis in the animals. 2010 tax amendment form However, you may have a basis in the animal and therefore may be able to claim a deduction if either of the following situations applies to you. 2010 tax amendment form You use inventories to determine your income and you included the animals in your inventory. 2010 tax amendment form You capitalized the expenses associated with the animals under the uniform capitalization rules and therefore have a tax basis in the animals subject to a casualty or theft. 2010 tax amendment form When you include livestock in inventory, its last inventory value is its basis. 2010 tax amendment form When you lose an inventoried animal held for draft, breeding, dairy, or sport by casualty or theft during the year, decrease ending inventory by the amount you included in inventory for the animal. 2010 tax amendment form You cannot take a separate deduction. 2010 tax amendment form How To Figure a Loss How you figure a deductible casualty or theft loss depends on whether the loss was to farm or personal-use property and whether the property was stolen or partly or completely destroyed. 2010 tax amendment form Farm property. 2010 tax amendment form   Farm property is the property you use in your farming business. 2010 tax amendment form If your farm property was completely destroyed or stolen, your loss is figured as follows:      Your adjusted basis in the property     MINUS     Any salvage value     MINUS     Any insurance or other reimbursement you  receive or expect to receive      You can use the schedules in Publication 584-B to list your stolen, damaged, or destroyed business property and to figure your loss. 2010 tax amendment form   If your farm property was partially damaged, use the steps shown under Personal-use property next to figure your casualty loss. 2010 tax amendment form However, the deduction limits, discussed later, do not apply to farm property. 2010 tax amendment form Personal-use property. 2010 tax amendment form   Personal-use property is property used by you or your family members for personal purposes and not used in your farm business or for income-producing purposes. 2010 tax amendment form The following items are examples of personal-use property: Your main home. 2010 tax amendment form Furniture and electronics used in your main home and not used in a home office or for business purposes. 2010 tax amendment form Clothing and jewelry. 2010 tax amendment form An automobile used for nonbusiness purposes. 2010 tax amendment form You figure the casualty or theft loss on this property by taking the following steps. 2010 tax amendment form Determine your adjusted basis in the property before the casualty or theft. 2010 tax amendment form Determine the decrease in fair market value of the property as a result of the casualty or theft. 2010 tax amendment form From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you receive or expect to receive. 2010 tax amendment form You must apply the deduction limits, discussed later, to determine your deductible loss. 2010 tax amendment form    You can use Publication 584 to list your stolen or damaged personal-use property and figure your loss. 2010 tax amendment form It includes schedules to help you figure the loss on your home, its contents, and your motor vehicles. 2010 tax amendment form Adjusted basis. 2010 tax amendment form   Adjusted basis is your basis (usually cost) increased or decreased by various events, such as improvements and casualty losses. 2010 tax amendment form For more information about adjusted basis, see chapter 6. 2010 tax amendment form Decrease in fair market value (FMV). 2010 tax amendment form   The decrease in FMV is the difference between the property's value immediately before the casualty or theft and its value immediately afterward. 2010 tax amendment form FMV is defined in chapter 10 under Payments Received or Considered Received . 2010 tax amendment form Appraisal. 2010 tax amendment form   To figure the decrease in FMV because of a casualty or theft, you generally need a competent appraisal. 2010 tax amendment form But other measures, such as the cost of cleaning up or making repairs (discussed next) can be used to establish decreases in FMV. 2010 tax amendment form   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterward should be made by a competent appraiser. 2010 tax amendment form The appraiser must recognize the effects of any general market decline that may occur along with the casualty. 2010 tax amendment form This information is needed to limit any deduction to the actual loss resulting from damage to the property. 2010 tax amendment form Cost of cleaning up or making repairs. 2010 tax amendment form   The cost of cleaning up after a casualty is not part of a casualty loss. 2010 tax amendment form Neither is the cost of repairing damaged property after a casualty. 2010 tax amendment form But you can use the cost of cleaning up or making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. 2010 tax amendment form The repairs are actually made. 2010 tax amendment form The repairs are necessary to bring the property back to its condition before the casualty. 2010 tax amendment form The amount spent for repairs is not excessive. 2010 tax amendment form The repairs fix the damage only. 2010 tax amendment form The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. 2010 tax amendment form Related expenses. 2010 tax amendment form   The incidental expenses due to a casualty or theft, such as expenses for the treatment of personal injuries, temporary housing, or a rental car, are not part of your casualty or theft loss. 2010 tax amendment form However, they may be deductible as farm business expenses if the damaged or stolen property is farm property. 2010 tax amendment form Separate computations for more than one item of property. 2010 tax amendment form   Generally, if a single casualty or theft involves more than one item of property, you must figure your loss separately for each item of property. 2010 tax amendment form Then combine the losses to determine your total loss. 2010 tax amendment form    There is an exception to this rule for personal-use real property. 2010 tax amendment form See Exception for personal-use real property, later. 2010 tax amendment form Example. 2010 tax amendment form A fire on your farm damaged a tractor and the barn in which it was stored. 2010 tax amendment form The tractor had an adjusted basis of $3,300. 2010 tax amendment form Its FMV was $28,000 just before the fire and $10,000 immediately afterward. 2010 tax amendment form The barn had an adjusted basis of $28,000. 2010 tax amendment form Its FMV was $55,000 just before the fire and $25,000 immediately afterward. 2010 tax amendment form You received insurance reimbursements of $2,100 on the tractor and $26,000 on the barn. 2010 tax amendment form Figure your deductible casualty loss separately for the two items of property. 2010 tax amendment form     Tractor Barn 1) Adjusted basis $3,300 $28,000 2) FMV before fire $28,000 $55,000 3) FMV after fire 10,000 25,000 4) Decrease in FMV  (line 2 − line 3) $18,000 $30,000 5) Loss (lesser of line 1 or line 4) $3,300 $28,000 6) Minus: Insurance 2,100 26,000 7) Deductible casualty loss $1,200 $2,000 8) Total deductible casualty loss $3,200 Exception for personal-use real property. 2010 tax amendment form   In figuring a casualty loss on personal-use real property, the entire property (including any improvements, such as buildings, trees, and shrubs) is treated as one item. 2010 tax amendment form Figure the loss using the smaller of the following. 2010 tax amendment form The decrease in FMV of the entire property. 2010 tax amendment form The adjusted basis of the entire property. 2010 tax amendment form Example. 2010 tax amendment form You bought a farm in 1990 for $160,000. 2010 tax amendment form The adjusted basis of the residential part is now $128,000. 2010 tax amendment form In 2013, a windstorm blew down shade trees and three ornamental trees planted at a cost of $7,500 on the residential part. 2010 tax amendment form The adjusted basis of the residential part includes the $7,500. 2010 tax amendment form The fair market value (FMV) of the residential part immediately before the storm was $400,000, and $385,000 immediately after the storm. 2010 tax amendment form The trees were not covered by insurance. 2010 tax amendment form 1) Adjusted basis $128,000 2) FMV before the storm $400,000 3) FMV after the storm 385,000 4) Decrease in FMV (line 2 − line 3) $15,000 5) Loss before insurance (lesser of line 1 or line 4) $15,000 6) Minus: Insurance -0- 7) Amount of loss $15,000 Insurance and other reimbursements. 2010 tax amendment form   If you receive an insurance or other type of reimbursement, you must subtract the reimbursement when you figure your loss. 2010 tax amendment form You do not have a casualty or theft loss to the extent you are reimbursed. 2010 tax amendment form   If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. 2010 tax amendment form You must reduce your loss even if you do not receive payment until a later tax year. 2010 tax amendment form    Do not subtract from your loss any insurance payments you receive for living expenses if you lose the use of your main home or are denied access to it because of a casualty. 2010 tax amendment form You may have to include a portion of these payments in your income. 2010 tax amendment form See Insurance payments for living expenses in Publication 547 for details. 2010 tax amendment form Disaster relief. 2010 tax amendment form   Food, medical supplies, and other forms of assistance you receive do not reduce your casualty loss, unless they are replacements for lost or destroyed property. 2010 tax amendment form Excludable cash gifts you receive also do not reduce your casualty loss if there are no limits on how you can use the money. 2010 tax amendment form   Generally, disaster relief grants received under the Robert T. 2010 tax amendment form Stafford Disaster Relief and Emergency Assistance Act are not included in your income. 2010 tax amendment form See Federal disaster relief grants , later, under Disaster Area Losses . 2010 tax amendment form   Qualified disaster relief payments for expenses you incurred as a result of a federally declared disaster are not taxable income to you. 2010 tax amendment form See Qualified disaster relief payments , later, under Disaster Area Losses . 2010 tax amendment form Reimbursement received after deducting loss. 2010 tax amendment form   If you figure your casualty or theft loss using your expected reimbursement, you may have to adjust your tax return for the tax year in which you get your actual reimbursement. 2010 tax amendment form Actual reimbursement less than expected. 2010 tax amendment form   If you later receive less reimbursement than you expected, include that difference as a loss with your other losses (if any) on your return for the year in which you can reasonably expect no more reimbursement. 2010 tax amendment form Actual reimbursement more than expected. 2010 tax amendment form   If you later receive more reimbursement than you expected after you have claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. 2010 tax amendment form However, if any part of your original deduction did not reduce your tax for the earlier year, do not include that part of the reimbursement in your income. 2010 tax amendment form Do not refigure your tax for the year you claimed the deduction. 2010 tax amendment form See Recoveries in Publication 525 to find out how much extra reimbursement to include in income. 2010 tax amendment form If the total of all the reimbursements you receive is more than your adjusted basis in the destroyed or stolen property, you will have a gain on the casualty or theft. 2010 tax amendment form See Figuring a Gain in Publication 547 for information on how to treat a gain from the reimbursement you receive because of a casualty or theft. 2010 tax amendment form Actual reimbursement same as expected. 2010 tax amendment form   If you receive exactly the reimbursement you expected to receive, you do not have to include any of the reimbursement in your income and you cannot deduct any additional loss. 2010 tax amendment form Lump-sum reimbursement. 2010 tax amendment form   If you have a casualty or theft loss of several assets at the same time without an allocation of reimbursement to specific assets, divide the lump-sum reimbursement among the assets according to the fair market value of each asset at the time of the loss. 2010 tax amendment form Figure the gain or loss separately for each asset that has a separate basis. 2010 tax amendment form Adjustments to basis. 2010 tax amendment form   If you have a casualty or theft loss, you must decrease your basis in the property by any insurance or other reimbursement you receive and by any deductible loss. 2010 tax amendment form The result is your adjusted basis in the property. 2010 tax amendment form Amounts you spend on repairs to restore your property to its pre-casualty condition increase your adjusted basis. 2010 tax amendment form See Adjusted Basis in chapter 6 for more information. 2010 tax amendment form Example. 2010 tax amendment form You built a new silo for $25,000. 2010 tax amendment form This is the basis in your silo because that is the total cost you incurred to build it. 2010 tax amendment form During the year, a tornado damaged your silo and your allowable casualty loss deduction was $1,000. 2010 tax amendment form In addition, your insurance company reimbursed you $4,000 for the damage and you spent $6,000 to restore the silo to its pre-casualty condition. 2010 tax amendment form Your adjusted basis in the silo after the casualty is $26,000 ($25,000 - $1,000 - $4,000 + $6,000). 2010 tax amendment form Deduction Limits on Losses of Personal-Use Property Casualty and theft losses of property held for personal use may be deductible if you itemize deductions on Schedule A (Form 1040). 2010 tax amendment form There are two limits on the deduction for casualty or theft loss of personal-use property. 2010 tax amendment form You figure these limits on Form 4684. 2010 tax amendment form $100 rule. 2010 tax amendment form   You must reduce each casualty or theft loss on personal-use property by $100. 2010 tax amendment form This rule applies after you have subtracted any reimbursement. 2010 tax amendment form 10% rule. 2010 tax amendment form   You must further reduce the total of all your casualty or theft losses on personal-use property by 10% of your adjusted gross income. 2010 tax amendment form Apply this rule after you reduce each loss by $100. 2010 tax amendment form Adjusted gross income is on line 38 of Form 1040. 2010 tax amendment form Example. 2010 tax amendment form In June, you discovered that your house had been burglarized. 2010 tax amendment form Your loss after insurance reimbursement was $2,000. 2010 tax amendment form Your adjusted gross income for the year you discovered the burglary is $57,000. 2010 tax amendment form Figure your theft loss deduction as follows: 1. 2010 tax amendment form Loss after insurance $2,000 2. 2010 tax amendment form Subtract $100 100 3. 2010 tax amendment form Loss after $100 rule $1,900 4. 2010 tax amendment form Subtract 10% (. 2010 tax amendment form 10) × $57,000 AGI $5,700 5. 2010 tax amendment form Theft loss deduction -0- You do not have a theft loss deduction because your loss ($1,900) is less than 10% of your adjusted gross income ($5,700). 2010 tax amendment form    If you have a casualty or theft gain in addition to a loss, you will have to make a special computation before you figure your 10% limit. 2010 tax amendment form See 10% Rule in Publication 547. 2010 tax amendment form When Loss Is Deductible Generally, you can deduct casualty losses that are not reimbursable only in the tax year in which they occur. 2010 tax amendment form You generally can deduct theft losses that are not reimbursable only in the year you discover your property was stolen. 2010 tax amendment form However, losses in federally declared disaster areas are subject to different rules. 2010 tax amendment form See Disaster Area Losses , later, for an exception. 2010 tax amendment form If you are not sure whether part of your casualty or theft loss will be reimbursed, do not deduct that part until the tax year when you become reasonably certain that it will not be reimbursed. 2010 tax amendment form Leased property. 2010 tax amendment form   If you lease property from someone else, you can deduct a loss on the property in the year your liability for the loss is fixed. 2010 tax amendment form This is true even if the loss occurred or the liability was paid in a different year. 2010 tax amendment form You are not entitled to a deduction until your liability under the lease can be determined with reasonable accuracy. 2010 tax amendment form Your liability can be determined when a claim for recovery is settled, adjudicated, or abandoned. 2010 tax amendment form Example. 2010 tax amendment form Robert leased a tractor from First Implement, Inc. 2010 tax amendment form , for use in his farm business. 2010 tax amendment form The tractor was destroyed by a tornado in June 2012. 2010 tax amendment form The loss was not insured. 2010 tax amendment form First Implement billed Robert for the fair market value of the tractor on the date of the loss. 2010 tax amendment form Robert disagreed with the bill and refused to pay it. 2010 tax amendment form First Implement later filed suit in court against Robert. 2010 tax amendment form In 2013, Robert and First Implement agreed to settle the suit for $20,000, and the court entered a judgment in favor of First Implement. 2010 tax amendment form Robert paid $20,000 in June 2013. 2010 tax amendment form He can claim the $20,000 as a loss on his 2013 tax return. 2010 tax amendment form Net operating loss (NOL). 2010 tax amendment form   If your deductions, including casualty or theft loss deductions, are more than your income for the year, you may have an NOL. 2010 tax amendment form An NOL can be carried back or carried forward and deducted from income in other years. 2010 tax amendment form See Publication 536 for more information on NOLs. 2010 tax amendment form Proof of Loss To deduct a casualty or theft loss, you must be able to prove that there was a casualty or theft. 2010 tax amendment form You must have records to support the amount you claim for the loss. 2010 tax amendment form Casualty loss proof. 2010 tax amendment form   For a casualty loss, your records should show all the following information. 2010 tax amendment form The type of casualty (car accident, fire, storm, etc. 2010 tax amendment form ) and when it occurred. 2010 tax amendment form That the loss was a direct result of the casualty. 2010 tax amendment form That you were the owner of the property or, if you leased the property from someone else, that you were contractually liable to the owner for the damage. 2010 tax amendment form Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. 2010 tax amendment form Theft loss proof. 2010 tax amendment form   For a theft loss, your records should show all the following information. 2010 tax amendment form When you discovered your property was missing. 2010 tax amendment form That your property was stolen. 2010 tax amendment form That you were the owner of the property. 2010 tax amendment form Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. 2010 tax amendment form Figuring a Gain A casualty or theft may result in a taxable gain. 2010 tax amendment form If you receive an insurance payment or other reimbursement that is more than your adjusted basis in the destroyed, damaged, or stolen property, you have a gain from the casualty or theft. 2010 tax amendment form You generally report your gain as income in the year you receive the reimbursement. 2010 tax amendment form However, depending on the type of property you receive, you may not have to report your gain. 2010 tax amendment form See Postponing Gain , later. 2010 tax amendment form Your gain is figured as follows: The amount you receive, minus Your adjusted basis in the property at the time of the casualty or theft. 2010 tax amendment form Even if the decrease in FMV of your property is smaller than the adjusted basis of your property, use your adjusted basis to figure the gain. 2010 tax amendment form Amount you receive. 2010 tax amendment form   The amount you receive includes any money plus the value of any property you receive, minus any expenses you have in obtaining reimbursement. 2010 tax amendment form It also includes any reimbursement used to pay off a mortgage or other lien on the damaged, destroyed, or stolen property. 2010 tax amendment form Example. 2010 tax amendment form A tornado severely damaged your barn. 2010 tax amendment form The adjusted basis of the barn was $25,000. 2010 tax amendment form Your insurance company reimbursed you $40,000 for the damaged barn. 2010 tax amendment form However, you had legal expenses of $2,000 to collect that insurance. 2010 tax amendment form Your insurance minus your expenses to collect the insurance is more than your adjusted basis in the barn, so you have a gain. 2010 tax amendment form 1) Insurance reimbursement $40,000 2) Legal expenses 2,000 3) Amount received  (line 1 − line 2) $38,000 4) Adjusted basis 25,000 5) Gain on casualty (line 3 − line 4) $13,000 Other Involuntary Conversions In addition to casualties and thefts, other events cause involuntary conversions of property. 2010 tax amendment form Some of these are discussed in the following paragraphs. 2010 tax amendment form Gain or loss from an involuntary conversion of your property is usually recognized for tax purposes. 2010 tax amendment form You report the gain or deduct the loss on your tax return for the year you realize it. 2010 tax amendment form However, depending on the type of property you receive, you may not have to report your gain on the involuntary conversion. 2010 tax amendment form See Postponing Gain , later. 2010 tax amendment form Condemnation Condemnation is the process by which private property is legally taken for public use without the owner's consent. 2010 tax amendment form The property may be taken by the federal government, a state government, a political subdivision, or a private organization that has the power to legally take property. 2010 tax amendment form The owner receives a condemnation award (money or property) in exchange for the property taken. 2010 tax amendment form A condemnation is a forced sale, the owner being the seller and the condemning authority being the buyer. 2010 tax amendment form Threat of condemnation. 2010 tax amendment form   Treat the sale of your property under threat of condemnation as a condemnation, provided you have reasonable grounds to believe that your property will be condemned. 2010 tax amendment form Main home condemned. 2010 tax amendment form   If you have a gain because your main home is condemned, you generally can exclude the gain from your income as if you had sold or exchanged your home. 2010 tax amendment form For information on this exclusion, see Publication 523. 2010 tax amendment form If your gain is more than the amount you can exclude, but you buy replacement property, you may be able to postpone reporting the excess gain. 2010 tax amendment form See Postponing Gain , later. 2010 tax amendment form (You cannot deduct a loss from the condemnation of your main home. 2010 tax amendment form ) More information. 2010 tax amendment form   For information on how to figure the gain or loss on condemned property, see chapter 1 in Publication 544. 2010 tax amendment form Also see Postponing Gain , later, to find out if you can postpone reporting the gain. 2010 tax amendment form Irrigation Project The sale or other disposition of property located within an irrigation project to conform to the acreage limits of federal reclamation laws is an involuntary conversion. 2010 tax amendment form Livestock Losses Diseased livestock. 2010 tax amendment form   If your livestock die from disease, or are destroyed, sold, or exchanged because of disease, even though the disease is not of epidemic proportions, treat these occurrences as involuntary conversions. 2010 tax amendment form If the livestock were raised or purchased for resale, follow the rules for livestock discussed earlier under Farming Losses . 2010 tax amendment form Otherwise, figure the gain or loss from these conversions using the rules discussed under Determining Gain or Loss in chapter 8. 2010 tax amendment form If you replace the livestock, you may be able to postpone reporting the gain. 2010 tax amendment form See Postponing Gain below. 2010 tax amendment form Reporting dispositions of diseased livestock. 2010 tax amendment form   If you choose to postpone reporting gain on the disposition of diseased livestock, you must attach a statement to your return explaining that the livestock were disposed of because of disease. 2010 tax amendment form You must also include other information on this statement. 2010 tax amendment form See How To Postpone Gain , later, under Postponing Gain . 2010 tax amendment form Weather-related sales of livestock. 2010 tax amendment form   If you sell or exchange livestock (other than poultry) held for draft, breeding, or dairy purposes solely because of drought, flood, or other weather-related conditions, treat the sale or exchange as an involuntary conversion. 2010 tax amendment form Only livestock sold in excess of the number you normally would sell under usual business practice, in the absence of weather-related conditions, are considered involuntary conversions. 2010 tax amendment form Figure the gain or loss using the rules discussed under Determining Gain or Loss in chapter 8. 2010 tax amendment form If you replace the livestock, you may be able to postpone reporting the gain. 2010 tax amendment form See Postponing Gain below. 2010 tax amendment form Example. 2010 tax amendment form It is your usual business practice to sell five of your dairy animals during the year. 2010 tax amendment form This year you sold 20 dairy animals because of drought. 2010 tax amendment form The sale of 15 animals is treated as an involuntary conversion. 2010 tax amendment form    If you do not replace the livestock, you may be able to report the gain in the following year's income. 2010 tax amendment form This rule also applies to other livestock (including poultry). 2010 tax amendment form See Sales Caused by Weather-Related Conditions in chapter 3. 2010 tax amendment form Tree Seedlings If, because of an abnormal drought, the failure of planted tree seedlings is greater than normally anticipated, you may have a deductible loss. 2010 tax amendment form Treat the loss as a loss from an involuntary conversion. 2010 tax amendment form The loss equals the previously capitalized reforestation costs you had to duplicate on replanting. 2010 tax amendment form You deduct the loss on the return for the year the seedlings died. 2010 tax amendment form Postponing Gain Do not report a gain if you receive reimbursement in the form of property similar or related in service or use to the destroyed, stolen, or other involuntarily converted property. 2010 tax amendment form Your basis in the new property is generally the same as your adjusted basis in the property it replaces. 2010 tax amendment form You must ordinarily report the gain on your stolen, destroyed, or other involuntarily converted property if you receive money or unlike property as reimbursement. 2010 tax amendment form However, you can choose to postpone reporting the gain if you purchase replacement property similar or related in service or use to your destroyed, stolen, or other involuntarily converted property within a specific replacement period. 2010 tax amendment form If you have a gain on damaged property, you can postpone reporting the gain if you spend the reimbursement to restore the property. 2010 tax amendment form To postpone reporting all the gain, the cost of your replacement property must be at least as much as the reimbursement you receive. 2010 tax amendment form If the cost of the replacement property is less than the reimbursement, you must include the gain in your income up to the amount of the unspent reimbursement. 2010 tax amendment form Example 1. 2010 tax amendment form In 1985, you constructed a barn to store farm equipment at a cost of $20,000. 2010 tax amendment form In 1987, you added a silo to the barn at a cost of $15,000 to store grain. 2010 tax amendment form In May of this year, the property was worth $100,000. 2010 tax amendment form In June the barn and silo were destroyed by a tornado. 2010 tax amendment form At the time of the tornado, you had an adjusted basis of $0 in the property. 2010 tax amendment form You received $85,000 from the insurance company. 2010 tax amendment form You had a gain of $85,000 ($85,000 – $0). 2010 tax amendment form You spent $80,000 to rebuild the barn and silo. 2010 tax amendment form Since this is less than the insurance proceeds received, you must include $5,000 ($85,000 – $80,000) in your income. 2010 tax amendment form Example 2. 2010 tax amendment form In 1970, you bought a cabin in the mountains for your personal use at a cost of $18,000. 2010 tax amendment form You made no further improvements or additions to it. 2010 tax amendment form When a storm destroyed the cabin this January, the cabin was worth $250,000. 2010 tax amendment form You received $146,000 from the insurance company in March. 2010 tax amendment form You had a gain of $128,000 ($146,000 − $18,000). 2010 tax amendment form You spent $144,000 to rebuild the cabin. 2010 tax amendment form Since this is less than the insurance proceeds received, you must include $2,000 ($146,000 − $144,000) in your income. 2010 tax amendment form Buying replacement property from a related person. 2010 tax amendment form   You cannot postpone reporting a gain from a casualty, theft, or other involuntary conversion if you buy the replacement property from a related person (discussed later). 2010 tax amendment form This rule applies to the following taxpayers. 2010 tax amendment form C corporations. 2010 tax amendment form Partnerships in which more than 50% of the capital or profits interest is owned by C corporations. 2010 tax amendment form Individuals, partnerships (other than those in (2) above), and S corporations if the total realized gain for the tax year on all involuntarily converted properties on which there are realized gains is more than $100,000. 2010 tax amendment form For involuntary conversions described in (3) above, gains cannot be offset by any losses when determining whether the total gain is more than $100,000. 2010 tax amendment form If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. 2010 tax amendment form If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. 2010 tax amendment form Exception. 2010 tax amendment form   This rule does not apply if the related person acquired the property from an unrelated person within the period of time allowed for replacing the involuntarily converted property. 2010 tax amendment form Related persons. 2010 tax amendment form   Under this rule, related persons include, for example, a parent and child, a brother and sister, a corporation and an individual who owns more than 50% of its outstanding stock, and two partnerships in which the same C corporations own more than 50% of the capital or profits interests. 2010 tax amendment form For more information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. 2010 tax amendment form Death of a taxpayer. 2010 tax amendment form   If a taxpayer dies after having a gain, but before buying replacement property, the gain must be reported for the year in which the decedent realized the gain. 2010 tax amendment form The executor of the estate or the person succeeding to the funds from the involuntary conversion cannot postpone reporting the gain by buying replacement property. 2010 tax amendment form Replacement Property You must buy replacement property for the specific purpose of replacing your property. 2010 tax amendment form Your replacement property must be similar or related in service or use to the property it replaces. 2010 tax amendment form You do not have to use the same funds you receive as reimbursement for your old property to acquire the replacement property. 2010 tax amendment form If you spend the money you receive for other purposes, and borrow money to buy replacement property, you can still choose to postpone reporting the gain if you meet the other requirements. 2010 tax amendment form Property you acquire by gift or inheritance does not qualify as replacement property. 2010 tax amendment form Owner-user. 2010 tax amendment form   If you are an owner-user, similar or related in service or use means that replacement property must function in the same way as the property it replaces. 2010 tax amendment form Examples of property that functions in the same way as the property it replaces are a home that replaces another home, a dairy cow that replaces another dairy cow, and farm land that replaces other farm land. 2010 tax amendment form A grinding mill that replaces a tractor does not qualify. 2010 tax amendment form Neither does a breeding or draft animal that replaces a dairy cow. 2010 tax amendment form Soil or other environmental contamination. 2010 tax amendment form   If, because of soil or other environmental contamination, it is not feasible for you to reinvest your insurance money or other proceeds from destroyed or damaged livestock in property similar or related in service or use to the livestock, you can treat other property (including real property) used for farming purposes, as property similar or related in service or use to the destroyed or damaged livestock. 2010 tax amendment form Weather-related conditions. 2010 tax amendment form   If, because of drought, flood, or other weather-related conditions, it is not feasible for you to reinvest the insurance money or other proceeds in property similar or related in service or use to the livestock, you can treat other property (excluding real property) used for farming purposes, as property similar or related in service or use to the livestock you disposed of. 2010 tax amendment form Example. 2010 tax amendment form Each year you normally sell 25 cows from your beef herd. 2010 tax amendment form However, this year you had to sell 50 cows. 2010 tax amendment form This is because a severe drought significantly reduced the amount of hay and pasture yield needed to feed your herd for the rest of the year. 2010 tax amendment form Because, as a result of the severe drought, it is not feasible for you to use the proceeds from selling the extra cows to buy new cows, you can treat other property (excluding real property) used for farming purposes, as property similar or related in service or use to the cows you sold. 2010 tax amendment form Standing crop destroyed by casualty. 2010 tax amendment form   If a storm or other casualty destroyed your standing crop and you use the insurance money to acquire either another standing crop or a harvested crop, this purchase qualifies as replacement property. 2010 tax amendment form The costs of planting and raising a new crop qualify as replacement costs for the destroyed crop only if you use the crop method of accounting (discussed in chapter 2). 2010 tax amendment form In that case, the costs of bringing the new crop to the same level of maturity as the destroyed crop qualify as replacement costs to the extent they are incurred during the replacement period. 2010 tax amendment form Timber loss. 2010 tax amendment form   Standing timber you bought with the proceeds from the sale of timber downed as a result of a casualty, such as high winds, earthquakes, or volcanic eruptions, qualifies as replacement property. 2010 tax amendment form If you bought the standing timber within the replacement period, you can postpone reporting the gain. 2010 tax amendment form Business or income-producing property located in a federally declared disaster area. 2010 tax amendment form   If your destroyed business or income-producing property was located in a federally declared disaster area, any tangible replacement property you acquire for use in any business is treated as similar or related in service or use to the destroyed property. 2010 tax amendment form For more information, see Disaster Area Losses in Publication 547. 2010 tax amendment form Substituting replacement property. 2010 tax amendment form   Once you have acquired qualified replacement property that you designate as replacement property in a statement attached to your tax return, you cannot substitute other qualified replacement property. 2010 tax amendment form This is true even if you acquire the other property within the replacement period. 2010 tax amendment form However, if you discover that the original replacement property was not qualified replacement property, you can, within the replacement period, substitute the new qualified replacement property. 2010 tax amendment form Basis of replacement property. 2010 tax amendment form   You must reduce the basis of your replacement property (its cost) by the amount of postponed gain. 2010 tax amendment form In this way, tax on the gain is postponed until you dispose of the replacement property. 2010 tax amendment form Replacement Period To postpone reporting your gain, you must buy replacement property within a specified period of time. 2010 tax amendment form This is the replacement period. 2010 tax amendment form The replacement period begins on the date your property was damaged, destroyed, stolen, sold, or exchanged. 2010 tax amendment form The replacement period generally ends 2 years after the close of the first tax year in which you realize any part of your gain from the involuntary conversion. 2010 tax amendment form Example. 2010 tax amendment form You are a calendar year taxpayer. 2010 tax amendment form While you were on vacation, farm equipment that cost $2,200 was stolen from your farm. 2010 tax amendment form You discovered the theft when you returned to your farm on November 11, 2012. 2010 tax amendment form Your insurance company investigated the theft and did not settle your claim until January 5, 2013, when they paid you $3,000. 2010 tax amendment form You first realized a gain from the reimbursement for the theft during 2013, so you have until December 31, 2015, to replace the property. 2010 tax amendment form Main home in disaster area. 2010 tax amendment form   For your main home (or its contents) located in a federally declared disaster area, the replacement period ends 4 years after the close of the first tax year in which you realize any part of your gain from the involuntary conversion. 2010 tax amendment form See Disaster Area Losses , later. 2010 tax amendment form Property in the Midwestern disaster areas. 2010 tax amendment form   For property located in the Midwestern disaster areas (defined in Table 4 in the 2008 Publication 547) that was destroyed, damaged, stolen, or condemned, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. 2010 tax amendment form This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Midwestern disaster areas. 2010 tax amendment form Property in the Kansas disaster area. 2010 tax amendment form   For property located in the Kansas disaster area that was destroyed, damaged, stolen, or condemned after May 3, 2007, as a result of the Kansas storms and tornadoes, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. 2010 tax amendment form This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Kansas disaster area. 2010 tax amendment form Property in the Hurricane Katrina disaster area. 2010 tax amendment form   For property located in the Hurricane Katrina disaster area that was destroyed, damaged, stolen, or condemned after August 24, 2005, as a result of Hurricane Katrina, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. 2010 tax amendment form This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. 2010 tax amendment form Weather-related sales of livestock in an area eligible for federal assistance. 2010 tax amendment form   For the sale or exchange of livestock due to drought, flood, or other weather-related conditions in an area eligible for federal assistance, the replacement period ends 4 years after the close of the first tax year in which you realize any part of your gain from the sale or exchange. 2010 tax amendment form The IRS may extend the replacement period on a regional basis if the weather-related conditions continue for longer than 3 years. 2010 tax amendment form   For information on extensions of the replacement period because of persistent drought, see Notice 2006-82, 2006-39 I. 2010 tax amendment form R. 2010 tax amendment form B. 2010 tax amendment form 529, available at  www. 2010 tax amendment form irs. 2010 tax amendment form gov/irb/2006-39_IRB/ar11. 2010 tax amendment form html. 2010 tax amendment form For a list of counties for which exceptional, extreme, or severe drought was reported during the 12 months ending August 31, 2013, see Notice 2013-62, available at IRS. 2010 tax amendment form gov. 2010 tax amendment form Condemnation. 2010 tax amendment form   The replacement period for a condemnation begins on the earlier of the following dates. 2010 tax amendment form The date on which you disposed of the condemned property. 2010 tax amendment form The date on which the threat of condemnation began. 2010 tax amendment form The replacement period generally ends 2 years after the close of the first tax year in which any part of the gain on the condemnation is realized. 2010 tax amendment form But see Main home in disaster area , Property in the Midwestern disaster areas , Property in the Kansas disaster area , and Property in the Hurricane Katrina disaster area , earlier, for exceptions. 2010 tax amendment form Business or investment real property. 2010 tax amendment form   If real property held for use in a trade or business or for investment (not including property held primarily for sale) is condemned, the replacement period ends 3 years after the close of the first tax year in which any part of the gain on the condemnation is realized. 2010 tax amendment form Extension. 2010 tax amendment form   You can apply for an extension of the replacement period. 2010 tax amendment form Send your written application to the Internal Revenue Service Center where you file your tax return. 2010 tax amendment form See your tax return instructions for the address. 2010 tax amendment form Include all the details about your need for an extension. 2010 tax amendment form Make your application before the end of the replacement period. 2010 tax amendment form However, you can file an application within a reasonable time after the replacement period ends if you can show a good reason for the delay. 2010 tax amendment form You will get an extension of the replacement period if you can show reasonable cause for not making the replacement within the regular period. 2010 tax amendment form How To Postpone Gain You postpone reporting your gain by reporting your choice on your tax return for the year you have the gain. 2010 tax amendment form You have the gain in the year you receive insurance proceeds or other reimbursements that result in a gain. 2010 tax amendment form Required statement. 2010 tax amendment form   You should attach a statement to your return for the year you have the gain. 2010 tax amendment form This statement should include all the following information. 2010 tax amendment form The date and details of the casualty, theft, or other involuntary conversion. 2010 tax amendment form The insurance or other reimbursement you received. 2010 tax amendment form How you figured the gain. 2010 tax amendment form Replacement property acquired before return filed. 2010 tax amendment form   If you acquire replacement property before you file your return for the year you have the gain, your statement should also include detailed information about all the following items. 2010 tax amendment form The replacement property. 2010 tax amendment form The postponed gain. 2010 tax amendment form The basis adjustment that reflects the postponed gain. 2010 tax amendment form Any gain you are reporting as income. 2010 tax amendment form Replacement property acquired after return filed. 2010 tax amendment form   If you intend to buy replacement property after you file your return for the year you realize gain, your statement should also say that you are choosing to replace the property within the required replacement period. 2010 tax amendment form   You should then attach another statement to your return for the year in which you buy the replacement property. 2010 tax amendment form This statement should contain detailed information on the replacement property. 2010 tax amendment form If you acquire part of your replacement property in one year and part in another year, you must attach a statement to each year's return. 2010 tax amendment form Include in the statement detailed information on the replacement property bought in that year. 2010 tax amendment form Reporting weather-related sales of livestock. 2010 tax amendment form   If you choose to postpone reporting the gain on weather-related sales or exchanges of livestock, show all the following information on a statement attached to your return for the tax year in which you first realize any of the gain. 2010 tax amendment form Evidence of the weather-related conditions that forced the sale or exchange of the livestock. 2010 tax amendment form The gain realized on the sale or exchange. 2010 tax amendment form The number and kind of livestock sold or exchanged. 2010 tax amendment form The number of livestock of each kind you would have sold or exchanged under your usual business practice. 2010 tax amendment form   Show all the following information and the preceding information on the return for the year in which you replace the livestock. 2010 tax amendment form The dates you bought the replacement property. 2010 tax amendment form The cost of the replacement property. 2010 tax amendment form Description of the replacement property (for example, the number and kind of the replacement livestock). 2010 tax amendment form Amended return. 2010 tax amendment form   You must file an amended return (Form 1040X) for the tax year of the gain in either of the following situations. 2010 tax amendment form You do not acquire replacement property within the replacement period, plus extensions. 2010 tax amendment form On this amended return, you must report the gain and pay any additional tax due. 2010 tax amendment form You acquire replacement property within the required replacement period, plus extensions, but at a cost less than the amount you receive from the casualty, theft, or other involuntary conversion. 2010 tax amendment form On this amended return, you must report the part of the gain that cannot be postponed and pay any additional tax due. 2010 tax amendment form Disaster Area Losses Special rules apply to federally declared disaster area losses. 2010 tax amendment form A federally declared disaster is a disaster that occurred in an area declared by the President to be eligible for federal assistance under the Robert T. 2010 tax amendment form Stafford Disaster Relief and Emergency Assistance Act. 2010 tax amendment form It includes a major disaster or emergency declaration under the act. 2010 tax amendment form A list of the areas warranting public or individual assistance (or both) under the Act is available at the Federal Emergency Management Agency (FEMA) web site at www. 2010 tax amendment form fema. 2010 tax amendment form gov. 2010 tax amendment form This part discusses the special rules for when to deduct a disaster area loss and what tax deadlines may be postponed. 2010 tax amendment form For other special rules, see Disaster Area Losses in Publication 547. 2010 tax amendment form When to deduct the loss. 2010 tax amendment form   You generally must deduct a casualty loss in the year it occurred. 2010 tax amendment form However, if you have a deductible loss from a disaster that occurred in an area warranting public or individual assistance (or both), you can choose to deduct that loss on your return or amended return for the tax year immediately preceding the tax year in which the disaster happened. 2010 tax amendment form If you make this choice, the loss is treated as having occurred in the preceding year. 2010 tax amendment form    Claiming a qualifying disaster loss on the previous year's return may result in a lower tax for that year, often producing or increasing a cash refund. 2010 tax amendment form   You must make the choice to take your casualty loss for the disaster in the preceding year by the later of the following dates. 2010 tax amendment form The due date (without extensions) for filing your tax return for the tax year in which the disaster actually occurred. 2010 tax amendment form The due date (with extensions) for the return for the preceding tax year. 2010 tax amendment form Federal disaster relief grants. 2010 tax amendment form   Do not include post-disaster relief grants received under the Robert T. 2010 tax amendment form Stafford Disaster Relief and Emergency Assistance Act in your income if the grant payments are made to help you meet necessary expenses or serious needs for medical, dental, housing, personal property, transportation, or funeral expenses. 2010 tax amendment form Do not deduct casualty losses or medical expenses to the extent they are specifically reimbursed by these disaster relief grants. 2010 tax amendment form If the casualty loss was specifically reimbursed by the grant and you received the grant after the year in which you deducted the casualty loss, see Reimbursement received after deducting loss , earlier. 2010 tax amendment form Unemployment assistance payments under the Act are taxable unemployment compensation. 2010 tax amendment form Qualified disaster relief payments. 2010 tax amendment form   Qualified disaster relief payments are not included in the income of individuals to the extent any expenses compensated by these payments are not otherwise compensated for by insurance or other reimbursement. 2010 tax amendment form These payments are not subject to income tax, self-employment tax, or employment taxes (social security, Medicare, and federal unemployment taxes). 2010 tax amendment form No withholding applies to these payments. 2010 tax amendment form   Qualified disaster relief payments include payments you receive (regardless of the source) for the following expenses. 2010 tax amendment form Reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a federally declared disaster. 2010 tax amendment form Reasonable and necessary expenses incurred for the repair or rehabilitation of a personal residence due to a federally declared disaster. 2010 tax amendment form (A personal residence can be a rented residence or one you own. 2010 tax amendment form ) Reasonable and necessary expenses incurred for the repair or replacement of the contents of a personal residence due to a federally declared disaster. 2010 tax amendment form   Qualified disaster relief payments include amounts paid by a federal, state, or local government in connection with a federally declared disaster to individuals affected by the disaster. 2010 tax amendment form    Qualified disaster relief payments do not include: Payments for expenses otherwise paid for by insurance or other reimbursements, or Income replacement payments, such as payments of lost wages, lost business income, or unemployment compensation. 2010 tax amendment form Qualified disaster mitigation payments. 2010 tax amendment form   Qualified disaster mitigation payments made under the Robert T. 2010 tax amendment form Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) are not included in income. 2010 tax amendment form These are payments you, as a property owner, receive to reduce the risk of future damage to your property. 2010 tax amendment form You cannot increase your basis in property, or take a deduction or credit, for expenditures made with respect to those payments. 2010 tax amendment form Sale of property under hazard mitigation program. 2010 tax amendment form   Generally, if you sell or otherwise transfer property, you must recognize any gain or loss for tax purposes unless the property is your main home. 2010 tax amendment form You report the gain or deduct the loss on your tax return for the year you realize it. 2010 tax amendment form (You cannot deduct a loss on personal-use property unless the loss resulted from a casualty, as discussed earlier. 2010 tax amendment form ) However, if you sell or otherwise transfer property to the Federal Government, a state or local government, or an Indian tribal government under a hazard mitigation program, you can choose to postpone reporting the gain if you buy qualifying replacement property within a certain period of time. 2010 tax amendment form See Postponing Gain , earlier, for the rules that apply. 2010 tax amendment form Other federal assistance programs. 2010 tax amendment form    For more information about other federal assistance programs, see Crop Insurance and Crop Disaster Payments and Feed Assistance and Payments in chapter 3 earlier. 2010 tax amendment form Postponed tax deadlines. 2010 tax amendment form   The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. 2010 tax amendment form The tax deadlines the IRS may postpone include those for filing income, excise, and employment tax returns, paying income, excise, and employment taxes, and making contributions to a traditional IRA or Roth IRA. 2010 tax amendment form   If any tax deadline is postponed, the IRS will publicize the postponement in your area and publish a news release, revenue ruling, revenue procedure, notice, announcement, or other guidance in the Internal Revenue Bulletin (IRB). 2010 tax amendment form Go to http://www. 2010 tax amendment form irs. 2010 tax amendment form gov/uac/Tax-Relief-in-Disaster-Situations to find out if a tax deadline has been postponed for your area. 2010 tax amendment form Who is eligible. 2010 tax amendment form   If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement. 2010 tax amendment form Any individual whose main home is located in a covered disaster area (defined next). 2010 tax amendment form Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. 2010 tax amendment form Any individual who is a relief worker affiliated with a recognized government or philanthropic organization and who is assisting in a covered disaster area. 2010 tax amendment form Any individual, business entity, or sole proprietorship whose records are needed to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. 2010 tax amendment form The main home or principal place of business does not have to be located in the covered disaster area. 2010 tax amendment form Any estate or trust that has tax records necessary to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. 2010 tax amendment form The spouse on a joint return with a taxpayer who is eligible for postponements. 2010 tax amendment form Any individual, business entity, or sole proprietorship not located in a covered disaster area, but whose necessary records to meet a postponed tax deadline are located in the covered disaster area. 2010 tax amendment form Any individual visiting the covered disaster area who was killed or injured as a result of the disaster. 2010 tax amendment form Any other person determined by the IRS to be affected by a federally declared disaster. 2010 tax amendment form Covered disaster area. 2010 tax amendment form   This is an area of a federally declared disaster area in which the IRS has decided to postpone tax deadlines for up to 1 year. 2010 tax amendment form Abatement of interest and penalties. 2010 tax amendment form   The IRS may abate the interest and penalties on the underpaid income tax for the length of any postponement of tax deadlines. 2010 tax amendment form Reporting Gains and Losses You will have to file one or more of the following forms to report your gains or losses from involuntary conversions. 2010 tax amendment form Form 4684. 2010 tax amendment form   Use this form to report your gains and losses from casualties and thefts. 2010 tax amendment form Form 4797. 2010 tax amendment form   Use this form to report involuntary conversions (other than from casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. 2010 tax amendment form Also use this form if you have a gain from a casualty or theft on trade, business or income-producing property held for more than 1 year and you have to recapture some or all of your gain as ordinary income. 2010 tax amendment form Form 8949. 2010 tax amendment form   Use this form to report gain from an involuntary conversion (other than from casualty or theft) of personal-use property. 2010 tax amendment form Schedule A (Form 1040). 2010 tax amendment form   Use this form to deduct your losses from casualties and thefts of personal-use property and income-producing property, that you reported on Form 4684. 2010 tax amendment form Schedule D (Form 1040). 2010 tax amendment form   Use this form to carry over the following gains. 2010 tax amendment form Net gain shown on Form 4797 from an involuntary conversion of business property held for more than 1 year. 2010 tax amendment form Net gain shown on Form 4684 from the casualty or theft of personal-use property. 2010 tax amendment form    Also use this form to figure the overall gain or loss from transactions reported on Form 8949. 2010 tax amendment form Schedule F (Form 1040). 2010 tax amendment form   Use this form to deduct your losses from casualty or theft of livestock or produce bought for sale under Other expenses in Part II, line 32, if you use the cash method of accounting and have not otherwise deducted these losses. 2010 tax amendment form Prev  Up  Next   Home   More Online Publications