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2012 1040 Ez

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2012 1040 Ez

2012 1040 ez 25. 2012 1040 ez   Nonbusiness Casualty and Theft Losses Table of Contents What's New Introduction Useful Items - You may want to see: CasualtyFamily pet. 2012 1040 ez Progressive deterioration. 2012 1040 ez Damage from corrosive drywall. 2012 1040 ez Theft Loss on Deposits Proof of Loss Figuring a LossDecrease in Fair Market Value Adjusted Basis Insurance and Other Reimbursements Single Casualty on Multiple Properties Deduction Limits$100 Rule 10% Rule When To Report Gains and LossesDisaster Area Loss How To Report Gains and Losses What's New New Section C of Form 4684 for Ponzi-type investment schemes. 2012 1040 ez  Section C of Form 4684 is new for 2013. 2012 1040 ez You must complete Section C if you are claiming a theft loss deduction due to a Ponzi-type investment scheme and are using Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58. 2012 1040 ez Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. 2012 1040 ez You do not need to complete Appendix A. 2012 1040 ez For details, see Losses from Ponzi-type investment schemes , in this chapter. 2012 1040 ez Introduction This chapter explains the tax treatment of personal (not business or investment related) casualty losses, theft losses, and losses on deposits. 2012 1040 ez The chapter also explains the following  topics. 2012 1040 ez How to figure the amount of your loss. 2012 1040 ez How to treat insurance and other reimbursements you receive. 2012 1040 ez The deduction limits. 2012 1040 ez When and how to report a casualty or theft. 2012 1040 ez Forms to file. 2012 1040 ez    When you have a casualty or theft, you have to file Form 4684. 2012 1040 ez You will also have to file one or more of the following forms. 2012 1040 ez Schedule A (Form 1040), Itemized Deductions Schedule D (Form 1040), Capital Gains and Losses Condemnations. 2012 1040 ez   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Disposition of Assets. 2012 1040 ez Workbook for casualties and thefts. 2012 1040 ez    Publication 584 is available to help you make a list of your stolen or damaged personal-use property and figure your loss. 2012 1040 ez It includes schedules to help you figure the loss on your home, its contents, and your motor vehicles. 2012 1040 ez Business or investment-related losses. 2012 1040 ez   For information on a casualty or theft loss of business or income-producing property, see Publication 547, Casualties, Disasters, and Thefts. 2012 1040 ez Useful Items - You may want to see: Publication 544 Sales and Other Dispositions  of Assets 547 Casualties, Disasters, and   Thefts 584 Casualty, Disaster, and Theft   Loss Workbook (Personal-Use  Property) Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 4684 Casualties and Thefts Casualty A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. 2012 1040 ez A sudden event is one that is swift, not gradual or progressive. 2012 1040 ez An unexpected event is one that is ordinarily unanticipated and unintended. 2012 1040 ez 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. 2012 1040 ez Deductible losses. 2012 1040 ez   Deductible casualty losses can result from a number of different causes, including the following. 2012 1040 ez Car accidents (but see Nondeductible losses , next, for exceptions). 2012 1040 ez Earthquakes. 2012 1040 ez Fires (but see Nondeductible losses , next, for exceptions). 2012 1040 ez Floods. 2012 1040 ez 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. 2012 1040 ez Mine cave-ins. 2012 1040 ez Shipwrecks. 2012 1040 ez Sonic booms. 2012 1040 ez Storms, including hurricanes and tornadoes. 2012 1040 ez Terrorist attacks. 2012 1040 ez Vandalism. 2012 1040 ez Volcanic eruptions. 2012 1040 ez Nondeductible losses. 2012 1040 ez   A casualty loss is not deductible if the damage or destruction is caused by the following. 2012 1040 ez Accidentally breaking articles such as glassware or china under normal conditions. 2012 1040 ez A family pet (explained below). 2012 1040 ez A fire if you willfully set it or pay someone else to set it. 2012 1040 ez A car accident if your willful negligence or willful act caused it. 2012 1040 ez The same is true if the willful act or willful negligence of someone acting for you caused the accident. 2012 1040 ez Progressive deterioration (explained later). 2012 1040 ez Family pet. 2012 1040 ez   Loss of property due to damage by a family pet is not deductible as a casualty loss unless the requirements discussed earlier under Casualty are met. 2012 1040 ez Example. 2012 1040 ez Your antique oriental rug was damaged by your new puppy before it was housebroken. 2012 1040 ez Because the damage was not unexpected and unusual, the loss is not deductible as a casualty loss. 2012 1040 ez Progressive deterioration. 2012 1040 ez    Loss of property due to progressive deterioration is not deductible as a casualty loss. 2012 1040 ez This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. 2012 1040 ez The following are examples of damage due to progressive deterioration. 2012 1040 ez The steady weakening of a building due to normal wind and weather conditions. 2012 1040 ez The deterioration and damage to a water heater that bursts. 2012 1040 ez However, the rust and water damage to rugs and drapes caused by the bursting of a water heater does qualify as a casualty. 2012 1040 ez Most losses of property caused by droughts. 2012 1040 ez To be deductible, a drought-related loss generally must be incurred in a trade or business or in a transaction entered into for profit. 2012 1040 ez Termite or moth damage. 2012 1040 ez The damage or destruction of trees, shrubs, or other plants by a fungus, disease, insects, worms, or similar pests. 2012 1040 ez However, a sudden destruction due to an unexpected or unusual infestation of beetles or other insects may result in a casualty loss. 2012 1040 ez Damage from corrosive drywall. 2012 1040 ez   Under a special procedure, you may be able to claim a casualty loss deduction for amounts you paid to repair damage to your home and household appliances that resulted from corrosive drywall. 2012 1040 ez For details, see Publication 547. 2012 1040 ez Theft A theft is the taking and removing of money or property with the intent to deprive the owner of it. 2012 1040 ez The taking of property must be illegal under the laws of the state where it occurred and it must have been done with criminal intent. 2012 1040 ez You do not need to show a conviction for theft. 2012 1040 ez Theft includes the taking of money or property by the following means. 2012 1040 ez Blackmail. 2012 1040 ez Burglary. 2012 1040 ez Embezzlement. 2012 1040 ez Extortion. 2012 1040 ez Kidnapping for ransom. 2012 1040 ez Larceny. 2012 1040 ez Robbery. 2012 1040 ez The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. 2012 1040 ez Decline in market value of stock. 2012 1040 ez   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. 2012 1040 ez 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. 2012 1040 ez You report a capital loss on Schedule D (Form 1040). 2012 1040 ez For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. 2012 1040 ez Mislaid or lost property. 2012 1040 ez   The simple disappearance of money or property is not a theft. 2012 1040 ez 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. 2012 1040 ez Sudden, unexpected, and unusual events are defined earlier. 2012 1040 ez Example. 2012 1040 ez A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. 2012 1040 ez The diamond falls from the ring and is never found. 2012 1040 ez The loss of the diamond is a casualty. 2012 1040 ez Losses from Ponzi-type investment schemes. 2012 1040 ez   If you had a loss from a Ponzi-type investment scheme, see: Revenue Ruling 2009-9, 2009-14 I. 2012 1040 ez R. 2012 1040 ez B. 2012 1040 ez 735 (available at www. 2012 1040 ez irs. 2012 1040 ez gov/irb/2009-14_IRB/ar07. 2012 1040 ez html). 2012 1040 ez Revenue Procedure 2009-20, 2009-14 I. 2012 1040 ez R. 2012 1040 ez B. 2012 1040 ez 749 (available at www. 2012 1040 ez irs. 2012 1040 ez gov/irb/2009-14_IRB/ar11. 2012 1040 ez html). 2012 1040 ez Revenue Procedure 2011-58, 2011-50 I. 2012 1040 ez R. 2012 1040 ez B. 2012 1040 ez 849 (available at www. 2012 1040 ez irs. 2012 1040 ez gov/irb/2011-50_IRB/ar11. 2012 1040 ez html). 2012 1040 ez If you qualify to use Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58, and you choose to follow the procedures in the guidance, first fill out Section C of Form 4684 to determine the amount to enter on Section B, line 28. 2012 1040 ez Skip lines 19 to 27. 2012 1040 ez Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. 2012 1040 ez You do not need to complete Appendix A. 2012 1040 ez For more information, see the above revenue ruling and revenue procedures, and the Instructions for Form 4684. 2012 1040 ez   If you choose not to use the procedures in Revenue Procedure 2009-20, you may claim your theft loss by filling out Section B, lines 19 to 39, as appropriate. 2012 1040 ez Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. 2012 1040 ez If you incurred this type of loss, you can choose one of the following ways to deduct the loss. 2012 1040 ez As a casualty loss. 2012 1040 ez As an ordinary loss. 2012 1040 ez As a nonbusiness bad debt. 2012 1040 ez Casualty loss or ordinary loss. 2012 1040 ez   You can choose to deduct a loss on deposits as a casualty loss or as an ordinary loss for any year in which you can reasonably estimate how much of your deposits you have lost in an insolvent or bankrupt financial institution. 2012 1040 ez The choice is generally made on the return you file for that year and applies to all your losses on deposits for the year in that particular financial institution. 2012 1040 ez If you treat the loss as a casualty or ordinary loss, you cannot treat the same amount of the loss as a nonbusiness bad debt when it actually becomes worthless. 2012 1040 ez However, you can take a nonbusiness bad debt deduction for any amount of loss that is more than the estimated amount you deducted as a casualty or ordinary loss. 2012 1040 ez Once you make this choice, you cannot change it without permission from the Internal Revenue Service. 2012 1040 ez   If you claim an ordinary loss, report it as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. 2012 1040 ez The maximum amount you can claim is $20,000 ($10,000 if you are married filing separately) reduced by any expected state insurance proceeds. 2012 1040 ez Your loss is subject to the 2%-of-adjusted-gross-income limit. 2012 1040 ez You cannot choose to claim an ordinary loss if any part of the deposit is federally insured. 2012 1040 ez Nonbusiness bad debt. 2012 1040 ez   If you do not choose to deduct the loss as a casualty loss or as an ordinary loss, you must wait until the year the actual loss is determined and deduct the loss as a nonbusiness bad debt in that year. 2012 1040 ez How to report. 2012 1040 ez   The kind of deduction you choose for your loss on deposits determines how you report your loss. 2012 1040 ez If you choose: Casualty loss — report it on Form 4684 first and then on Schedule A (Form 1040). 2012 1040 ez Ordinary loss — report it on Schedule A (Form 1040) as a miscellaneous itemized deduction. 2012 1040 ez Nonbusiness bad debt — report it on Form 8949 first and then on Schedule D (Form 1040). 2012 1040 ez More information. 2012 1040 ez   For more information, see Special Treatment for Losses on Deposits in Insolvent or Bankrupt Financial Institutions in the Instructions for Form 4684 or Deposit in Insolvent or Bankrupt Financial Institution in Publication 550. 2012 1040 ez Proof of Loss To deduct a casualty or theft loss, you must be able to prove that you had a casualty or theft. 2012 1040 ez You also must be able to support the amount you take as a deduction. 2012 1040 ez Casualty loss proof. 2012 1040 ez   For a casualty loss, your records should show all the following. 2012 1040 ez The type of casualty (car accident, fire, storm, etc. 2012 1040 ez ) and when it occurred. 2012 1040 ez That the loss was a direct result of the casualty. 2012 1040 ez 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. 2012 1040 ez Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. 2012 1040 ez Theft loss proof. 2012 1040 ez   For a theft loss, your records should show all the following. 2012 1040 ez When you discovered that your property was missing. 2012 1040 ez That your property was stolen. 2012 1040 ez That you were the owner of the property. 2012 1040 ez Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. 2012 1040 ez It is important that you have records that will prove your deduction. 2012 1040 ez If you do not have the actual records to support your deduction, you can use other satisfactory evidence to support it. 2012 1040 ez Figuring a Loss Figure the amount of your loss using the following steps. 2012 1040 ez Determine your adjusted basis in the property before the casualty or theft. 2012 1040 ez Determine the decrease in fair market value of the property as a result of the casualty or theft. 2012 1040 ez From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. 2012 1040 ez For personal-use property and property used in performing services as an employee, apply the deduction limits, discussed later, to determine the amount of your deductible loss. 2012 1040 ez Gain from reimbursement. 2012 1040 ez   If your reimbursement is more than your adjusted basis in the property, you have a gain. 2012 1040 ez This is true even if the decrease in the FMV of the property is smaller than your adjusted basis. 2012 1040 ez If you have a gain, you may have to pay tax on it, or you may be able to postpone reporting the gain. 2012 1040 ez See Publication 547 for more information on how to treat a gain from a reimbursement for a casualty or theft. 2012 1040 ez Leased property. 2012 1040 ez   If you are liable for casualty damage to property you lease, your loss is the amount you must pay to repair the property minus any insurance or other reimbursement you receive or expect to receive. 2012 1040 ez Decrease in Fair Market Value Fair market value (FMV) is the price for which you could sell your property to a willing buyer when neither of you has to sell or buy and both of you know all the relevant facts. 2012 1040 ez The decrease in FMV used to figure the amount of a casualty or theft loss is the difference between the property's fair market value immediately before and immediately after the casualty or theft. 2012 1040 ez FMV of stolen property. 2012 1040 ez   The FMV of property immediately after a theft is considered to be zero, since you no longer have the property. 2012 1040 ez Example. 2012 1040 ez Several years ago, you purchased silver dollars at face value for $150. 2012 1040 ez This is your adjusted basis in the property. 2012 1040 ez Your silver dollars were stolen this year. 2012 1040 ez The FMV of the coins was $1,000 just before they were stolen, and insurance did not cover them. 2012 1040 ez Your theft loss is $150. 2012 1040 ez Recovered stolen property. 2012 1040 ez   Recovered stolen property is your property that was stolen and later returned to you. 2012 1040 ez If you recovered property after you had already taken a theft loss deduction, you must refigure your loss using the smaller of the property's adjusted basis (explained later) or the decrease in FMV from the time just before it was stolen until the time it was recovered. 2012 1040 ez Use this amount to refigure your total loss for the year in which the loss was deducted. 2012 1040 ez   If your refigured loss is less than the loss you deducted, you generally have to report the difference as income in the recovery year. 2012 1040 ez But report the difference only up to the amount of the loss that reduced your tax. 2012 1040 ez For more information on the amount to report, see Recoveries in chapter 12. 2012 1040 ez Figuring Decrease in FMV— Items To Consider To figure the decrease in FMV because of a casualty or theft, you generally need a competent appraisal. 2012 1040 ez However, other measures can also be used to establish certain decreases. 2012 1040 ez Appraisal. 2012 1040 ez   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. 2012 1040 ez The appraiser must recognize the effects of any general market decline that may occur along with the casualty. 2012 1040 ez This information is needed to limit any deduction to the actual loss resulting from damage to the property. 2012 1040 ez   Several factors are important in evaluating the accuracy of an appraisal, including the following. 2012 1040 ez The appraiser's familiarity with your property before and after the casualty or theft. 2012 1040 ez The appraiser's knowledge of sales of comparable property in the area. 2012 1040 ez The appraiser's knowledge of conditions in the area of the casualty. 2012 1040 ez The appraiser's method of appraisal. 2012 1040 ez    You may be able to use an appraisal that you used to get a federal loan (or a federal loan guarantee) as the result of a federally declared disaster to establish the amount of your disaster loss. 2012 1040 ez For more information on disasters, see Disaster Area Losses, in Pub. 2012 1040 ez 547. 2012 1040 ez Cost of cleaning up or making repairs. 2012 1040 ez   The cost of repairing damaged property is not part of a casualty loss. 2012 1040 ez Neither is the cost of cleaning up after a casualty. 2012 1040 ez 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. 2012 1040 ez The repairs are actually made. 2012 1040 ez The repairs are necessary to bring the property back to its condition before the casualty. 2012 1040 ez The amount spent for repairs is not excessive. 2012 1040 ez The repairs take care of the damage only. 2012 1040 ez The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. 2012 1040 ez Landscaping. 2012 1040 ez   The cost of restoring landscaping to its original condition after a casualty may indicate the decrease in FMV. 2012 1040 ez You may be able to measure your loss by what you spend on the following. 2012 1040 ez Removing destroyed or damaged trees and shrubs minus any salvage you receive. 2012 1040 ez Pruning and other measures taken to preserve damaged trees and shrubs. 2012 1040 ez Replanting necessary to restore the property to its approximate value before the casualty. 2012 1040 ez Car value. 2012 1040 ez    Books issued by various automobile organizations that list your car may be useful in figuring the value of your car. 2012 1040 ez You can use the book's retail values and modify them by such factors as mileage and the condition of your car to figure its value. 2012 1040 ez The prices are not official, but they may be useful in determining value and suggesting relative prices for comparison with current sales and offerings in your area. 2012 1040 ez If your car is not listed in the books, determine its value from other sources. 2012 1040 ez A dealer's offer for your car as a trade-in on a new car is not usually a measure of its true value. 2012 1040 ez Figuring Decrease in FMV— Items Not To Consider You generally should not consider the following items when attempting to establish the decrease in FMV of your property. 2012 1040 ez Cost of protection. 2012 1040 ez   The cost of protecting your property against a casualty or theft is not part of a casualty or theft loss. 2012 1040 ez The amount you spend on insurance or to board up your house against a storm is not part of your loss. 2012 1040 ez   If you make permanent improvements to your property to protect it against a casualty or theft, add the cost of these improvements to your basis in the property. 2012 1040 ez An example would be the cost of a dike to prevent flooding. 2012 1040 ez Exception. 2012 1040 ez   You cannot increase your basis in the property by, or deduct as a business expense, any expenditures you made with respect to qualified disaster mitigation payments. 2012 1040 ez See Disaster Area Losses in Publication 547. 2012 1040 ez Incidental expenses. 2012 1040 ez   Any incidental expenses you have due to a casualty or theft, such as expenses for the treatment of personal injuries, for temporary housing, or for a rental car, are not part of your casualty or theft loss. 2012 1040 ez Replacement cost. 2012 1040 ez   The cost of replacing stolen or destroyed property is not part of a casualty or theft loss. 2012 1040 ez Sentimental value. 2012 1040 ez   Do not consider sentimental value when determining your loss. 2012 1040 ez If a family portrait, heirloom, or keepsake is damaged, destroyed, or stolen, you must base your loss on its FMV, as limited by your adjusted basis in the property. 2012 1040 ez Decline in market value of property in or near casualty area. 2012 1040 ez   A decrease in the value of your property because it is in or near an area that suffered a casualty, or that might again suffer a casualty, is not to be taken into consideration. 2012 1040 ez You have a loss only for actual casualty damage to your property. 2012 1040 ez However, if your home is in a federally declared disaster area, see Disaster Area Losses in Publication 547. 2012 1040 ez Costs of photographs and appraisals. 2012 1040 ez    Photographs taken after a casualty will be helpful in establishing the condition and value of the property after it was damaged. 2012 1040 ez Photographs showing the condition of the property after it was repaired, restored, or replaced may also be helpful. 2012 1040 ez    Appraisals are used to figure the decrease in FMV because of a casualty or theft. 2012 1040 ez See Appraisal , earlier, under Figuring Decrease in FMV — Items To Consider, for information about appraisals. 2012 1040 ez   The costs of photographs and appraisals used as evidence of the value and condition of property damaged as a result of a casualty are not a part of the loss. 2012 1040 ez You can claim these costs as a miscellaneous itemized deduction subject to the 2%-of-adjusted-gross-income limit on Schedule A (Form 1040). 2012 1040 ez For information about miscellaneous deductions, see chapter 28. 2012 1040 ez Adjusted Basis Adjusted basis is your basis in the property (usually cost) increased or decreased by various events, such as improvements and casualty losses. 2012 1040 ez For more information, see chapter 13. 2012 1040 ez Insurance and Other Reimbursements If you receive an insurance payment or other type of reimbursement, you must subtract the reimbursement when you figure your loss. 2012 1040 ez You do not have a casualty or theft loss to the extent you are reimbursed. 2012 1040 ez If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. 2012 1040 ez You must reduce your loss even if you do not receive payment until a later tax year. 2012 1040 ez See Reimbursement Received After Deducting Loss , later. 2012 1040 ez Failure to file a claim for reimbursement. 2012 1040 ez   If your property is covered by insurance, you must file a timely insurance claim for reimbursement of your loss. 2012 1040 ez Otherwise, you cannot deduct this loss as a casualty or theft loss. 2012 1040 ez However, this rule does not apply to the portion of the loss not covered by insurance (for example, a deductible). 2012 1040 ez Example. 2012 1040 ez You have a car insurance policy with a $1,000 deductible. 2012 1040 ez Because your insurance did not cover the first $1,000 of an auto collision, the $1,000 would be deductible (subject to the deduction limits discussed later). 2012 1040 ez This is true even if you do not file an insurance claim, because your insurance policy would never have reimbursed you for the deductible. 2012 1040 ez Types of Reimbursements The most common type of reimbursement is an insurance payment for your stolen or damaged property. 2012 1040 ez Other types of reimbursements are discussed next. 2012 1040 ez Also see the Instructions for Form 4684. 2012 1040 ez Employer's emergency disaster fund. 2012 1040 ez   If you receive money from your employer's emergency disaster fund and you must use that money to rehabilitate or replace property on which you are claiming a casualty loss deduction, you must take that money into consideration in computing the casualty loss deduction. 2012 1040 ez Take into consideration only the amount you used to replace your destroyed or damaged property. 2012 1040 ez Example. 2012 1040 ez Your home was extensively damaged by a tornado. 2012 1040 ez Your loss after reimbursement from your insurance company was $10,000. 2012 1040 ez Your employer set up a disaster relief fund for its employees. 2012 1040 ez Employees receiving money from the fund had to use it to rehabilitate or replace their damaged or destroyed property. 2012 1040 ez You received $4,000 from the fund and spent the entire amount on repairs to your home. 2012 1040 ez In figuring your casualty loss, you must reduce your unreimbursed loss ($10,000) by the $4,000 you received from your employer's fund. 2012 1040 ez Your casualty loss before applying the deduction limits discussed later is $6,000. 2012 1040 ez Cash gifts. 2012 1040 ez   If you receive excludable cash gifts as a disaster victim and there are no limits on how you can use the money, you do not reduce your casualty loss by these excludable cash gifts. 2012 1040 ez This applies even if you use the money to pay for repairs to property damaged in the disaster. 2012 1040 ez Example. 2012 1040 ez Your home was damaged by a hurricane. 2012 1040 ez Relatives and neighbors made cash gifts to you that were excludable from your income. 2012 1040 ez You used part of the cash gifts to pay for repairs to your home. 2012 1040 ez There were no limits or restrictions on how you could use the cash gifts. 2012 1040 ez Because it was an excludable gift, the money you received and used to pay for repairs to your home does not reduce your casualty loss on the damaged home. 2012 1040 ez Insurance payments for living expenses. 2012 1040 ez   You do not reduce your casualty loss by insurance payments you receive to cover living expenses in either of the following situations. 2012 1040 ez You lose the use of your main home because of a casualty. 2012 1040 ez Government authorities do not allow you access to your main home because of a casualty or threat of one. 2012 1040 ez Inclusion in income. 2012 1040 ez   If these insurance payments are more than the temporary increase in your living expenses, you must include the excess in your income. 2012 1040 ez Report this amount on Form 1040, line 21. 2012 1040 ez However, if the casualty occurs in a federally declared disaster area, none of the insurance payments are taxable. 2012 1040 ez See Qualified disaster relief payments, under Disaster Area Losses in Publication 547. 2012 1040 ez   A temporary increase in your living expenses is the difference between the actual living expenses you and your family incurred during the period you could not use your home and your normal living expenses for that period. 2012 1040 ez Actual living expenses are the reasonable and necessary expenses incurred because of the loss of your main home. 2012 1040 ez Generally, these expenses include the amounts you pay for the following. 2012 1040 ez Rent for suitable housing. 2012 1040 ez Transportation. 2012 1040 ez Food. 2012 1040 ez Utilities. 2012 1040 ez Miscellaneous services. 2012 1040 ez Normal living expenses consist of these same expenses that you would have incurred but did not because of the casualty or the threat of one. 2012 1040 ez Example. 2012 1040 ez As a result of a fire, you vacated your apartment for a month and moved to a motel. 2012 1040 ez You normally pay $525 a month for rent. 2012 1040 ez None was charged for the month the apartment was vacated. 2012 1040 ez Your motel rent for this month was $1,200. 2012 1040 ez You normally pay $200 a month for food. 2012 1040 ez Your food expenses for the month you lived in the motel were $400. 2012 1040 ez You received $1,100 from your insurance company to cover your living expenses. 2012 1040 ez You determine the payment you must include in income as follows. 2012 1040 ez 1) Insurance payment for living expenses $1,100 2) Actual expenses during the month you are unable to use your home because of fire 1,600   3) Normal living expenses 725   4) Temporary increase in living  expenses: Subtract line 3 from line 2 875 5) Amount of payment includible  in income: Subtract line 4  from line 1 $ 225 Tax year of inclusion. 2012 1040 ez   You include the taxable part of the insurance payment in income for the year you regain the use of your main home or, if later, for the year you receive the taxable part of the insurance payment. 2012 1040 ez Example. 2012 1040 ez Your main home was destroyed by a tornado in August 2011. 2012 1040 ez You regained use of your home in November 2012. 2012 1040 ez The insurance payments you received in 2011 and 2012 were $1,500 more than the temporary increase in your living expenses during those years. 2012 1040 ez You include this amount in income on your 2012 Form 1040. 2012 1040 ez If, in 2013, you receive further payments to cover the living expenses you had in 2011 and 2012, you must include those payments in income on your 2013 Form 1040. 2012 1040 ez Disaster relief. 2012 1040 ez   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. 2012 1040 ez Qualified disaster relief payments you receive for expenses you incurred as a result of a federally declared disaster are not taxable income to you. 2012 1040 ez For more information, see Disaster Area Losses in Publication 547. 2012 1040 ez Disaster unemployment assistance payments are unemployment benefits that are taxable. 2012 1040 ez Generally, disaster relief grants and qualified disaster mitigation payments made under the Robert T. 2012 1040 ez Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) are not includible in your income. 2012 1040 ez See Disaster Area Losses in Publication 547. 2012 1040 ez Reimbursement Received After Deducting Loss If you figured your casualty or theft loss using your expected reimbursement, you may have to adjust your tax return for the tax year in which you receive your actual reimbursement. 2012 1040 ez This section explains the adjustment you may have to make. 2012 1040 ez Actual reimbursement less than expected. 2012 1040 ez   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. 2012 1040 ez Example. 2012 1040 ez Your personal car had an FMV of $2,000 when it was destroyed in a collision with another car in 2012. 2012 1040 ez The accident was due to the negligence of the other driver. 2012 1040 ez At the end of 2012, there was a reasonable prospect that the owner of the other car would reimburse you in full. 2012 1040 ez You did not have a deductible loss in 2012. 2012 1040 ez In January 2013, the court awarded you a judgment of $2,000. 2012 1040 ez However, in July it became apparent that you will be unable to collect any amount from the other driver. 2012 1040 ez You can deduct the loss in 2013 subject to the limits discussed later. 2012 1040 ez Actual reimbursement more than expected. 2012 1040 ez   If you later receive more reimbursement than you expected after you claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. 2012 1040 ez However, if any part of the original deduction did not reduce your tax for the earlier year, do not include that part of the reimbursement in your income. 2012 1040 ez You do not refigure your tax for the year you claimed the deduction. 2012 1040 ez For more information, see Recoveries in chapter 12. 2012 1040 ez 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. 2012 1040 ez If you have already taken a deduction for a loss and you receive the reimbursement in a later year, you may have to include the gain in your income for the later year. 2012 1040 ez Include the gain as ordinary income up to the amount of your deduction that reduced your tax for the earlier year. 2012 1040 ez See Figuring a Gain in Publication 547 for more information on how to treat a gain from the reimbursement of a casualty or theft. 2012 1040 ez Actual reimbursement same as expected. 2012 1040 ez   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. 2012 1040 ez Example. 2012 1040 ez In December 2013, you had a collision while driving your personal car. 2012 1040 ez Repairs to the car cost $950. 2012 1040 ez You had $100 deductible collision insurance. 2012 1040 ez Your insurance company agreed to reimburse you for the rest of the damage. 2012 1040 ez Because you expected a reimbursement from the insurance company, you did not have a casualty loss deduction in 2013. 2012 1040 ez Due to the $100 rule (discussed later under Deduction Limits ), you cannot deduct the $100 you paid as the deductible. 2012 1040 ez When you receive the $850 from the insurance company in 2014, do not report it as income. 2012 1040 ez Single Casualty on Multiple Properties Personal property. 2012 1040 ez   Personal property is any property that is not real property. 2012 1040 ez If your personal property is stolen or is damaged or destroyed by a casualty, you must figure your loss separately for each item of property. 2012 1040 ez Then combine these separate losses to figure the total loss from that casualty or theft. 2012 1040 ez Example. 2012 1040 ez A fire in your home destroyed an upholstered chair, an oriental rug, and an antique table. 2012 1040 ez You did not have fire insurance to cover your loss. 2012 1040 ez (This was the only casualty or theft you had during the year. 2012 1040 ez ) You paid $750 for the chair and you established that it had an FMV of $500 just before the fire. 2012 1040 ez The rug cost $3,000 and had an FMV of $2,500 just before the fire. 2012 1040 ez You bought the table at an auction for $100 before discovering it was an antique. 2012 1040 ez It had been appraised at $900 before the fire. 2012 1040 ez You figure your loss on each of these items as follows:     Chair Rug Table 1) Basis (cost) $750 $3,000 $100 2) FMV before fire $500 $2,500 $900 3) FMV after fire –0– –0– –0– 4) Decrease in FMV $500 $2,500 $900 5) Loss (smaller of (1) or  (4)) $500 $2,500 $100           6) Total loss     $3,100 Real property. 2012 1040 ez   In figuring a casualty loss on personal-use real property, treat the entire property (including any improvements, such as buildings, trees, and shrubs) as one item. 2012 1040 ez Figure the loss using the smaller of the adjusted basis or the decrease in FMV of the entire property. 2012 1040 ez Example. 2012 1040 ez You bought your home a few years ago. 2012 1040 ez You paid $160,000 ($20,000 for the land and $140,000 for the house). 2012 1040 ez You also spent $2,000 for landscaping. 2012 1040 ez This year a fire destroyed your home. 2012 1040 ez The fire also damaged the shrubbery and trees in your yard. 2012 1040 ez The fire was your only casualty or theft loss this year. 2012 1040 ez Competent appraisers valued the property as a whole at $200,000 before the fire, but only $30,000 after the fire. 2012 1040 ez (The loss to your household furnishings is not shown in this example. 2012 1040 ez It would be figured separately on each item, as explained earlier under Personal property . 2012 1040 ez ) Shortly after the fire, the insurance company paid you $155,000 for the loss. 2012 1040 ez You figure your casualty loss as follows: 1) Adjusted basis of the entire property (land, building, and landscaping) $162,000 2) FMV of entire property before fire $200,000 3) FMV of entire property after fire 30,000 4) Decrease in FMV of entire  property $170,000 5) Loss (smaller of (1) or (4)) $162,000 6) Subtract insurance 155,000 7) Amount of loss after reimbursement $7,000 Deduction Limits After you have figured your casualty or theft loss, you must figure how much of the loss you can deduct. 2012 1040 ez If the loss was to property for your personal use or your family's use, there are two limits on the amount you can deduct for your casualty or theft loss. 2012 1040 ez You must reduce each casualty or theft loss by $100 ($100 rule). 2012 1040 ez You must further reduce the total of all your casualty or theft losses by 10% of your adjusted gross income (10% rule). 2012 1040 ez You make these reductions on Form 4684. 2012 1040 ez These rules are explained next and Table 25-1 summarizes how to apply the $100 rule and the 10% rule in various situations. 2012 1040 ez For more detailed explanations and examples, see Publication 547. 2012 1040 ez Table 25-1. 2012 1040 ez How To Apply the Deduction Limits for Personal-Use Property   $100 Rule 10% Rule General Application You must reduce each casualty or theft loss by $100 when figuring your deduction. 2012 1040 ez Apply this rule after you have figured the amount of your loss. 2012 1040 ez You must reduce your total casualty or theft loss by 10% of your adjusted gross income. 2012 1040 ez Apply this rule after you reduce each loss by $100 (the $100 rule). 2012 1040 ez Single Event Apply this rule only once, even if many pieces of property are affected. 2012 1040 ez Apply this rule only once, even if many pieces of property are affected. 2012 1040 ez More Than One Event Apply to the loss from each event. 2012 1040 ez Apply to the total of all your losses from all events. 2012 1040 ez More Than One Person— With Loss From the Same Event (other than a married couple filing jointly) Apply separately to each person. 2012 1040 ez Apply separately to each person. 2012 1040 ez Married Couple—With Loss From the Same Event Filing Jointly Apply as if you were one person. 2012 1040 ez Apply as if you were one person. 2012 1040 ez Filing Separately Apply separately to each spouse. 2012 1040 ez Apply separately to each spouse. 2012 1040 ez More Than One Owner (other than a married couple filing jointly) Apply separately to each owner of jointly owned property. 2012 1040 ez Apply separately to each owner of jointly owned property. 2012 1040 ez Property used partly for business and partly for personal purposes. 2012 1040 ez   When property is used partly for personal purposes and partly for business or income-producing purposes, the casualty or theft loss deduction must be figured separately for the personal-use part and for the business or income-producing part. 2012 1040 ez You must figure each loss separately because the $100 rule and the 10% rule apply only to the loss on the personal-use part of the property. 2012 1040 ez $100 Rule After you have figured your casualty or theft loss on personal-use property, you must reduce that loss by $100. 2012 1040 ez This reduction applies to each total casualty or theft loss. 2012 1040 ez It does not matter how many pieces of property are involved in an event. 2012 1040 ez Only a single $100 reduction applies. 2012 1040 ez Example. 2012 1040 ez A hailstorm damages your home and your car. 2012 1040 ez Determine the amount of loss, as discussed earlier, for each of these items. 2012 1040 ez Since the losses are due to a single event, you combine the losses and reduce the combined amount by $100. 2012 1040 ez Single event. 2012 1040 ez   Generally, events closely related in origin cause a single casualty. 2012 1040 ez It is a single casualty when the damage is from two or more closely related causes, such as wind and flood damage caused by the same storm. 2012 1040 ez 10% Rule You must reduce the total of all your casualty or theft losses on personal-use property by 10% of your adjusted gross income. 2012 1040 ez Apply this rule after you reduce each loss by $100. 2012 1040 ez For more information, see the Form 4684 instructions. 2012 1040 ez If you have both gains and losses from casualties or thefts, see Gains and losses , later in this discussion. 2012 1040 ez Example 1. 2012 1040 ez In June, you discovered that your house had been burglarized. 2012 1040 ez Your loss after insurance reimbursement was $2,000. 2012 1040 ez Your adjusted gross income for the year you discovered the theft is $29,500. 2012 1040 ez You first apply the $100 rule and then the 10% rule. 2012 1040 ez Figure your theft loss deduction as follows. 2012 1040 ez 1) Loss after insurance $2,000 2) Subtract $100 100 3) Loss after $100 rule $1,900 4) Subtract 10% × $29,500 AGI 2,950 5) Theft loss deduction –0– You do not have a theft loss deduction because your loss after you apply the $100 rule ($1,900) is less than 10% of your adjusted gross income ($2,950). 2012 1040 ez Example 2. 2012 1040 ez In March, you had a car accident that totally destroyed your car. 2012 1040 ez You did not have collision insurance on your car, so you did not receive any insurance reimbursement. 2012 1040 ez Your loss on the car was $1,800. 2012 1040 ez In November, a fire damaged your basement and totally destroyed the furniture, washer, dryer, and other items stored there. 2012 1040 ez Your loss on the basement items after reimbursement was $2,100. 2012 1040 ez Your adjusted gross income for the year that the accident and fire occurred is $25,000. 2012 1040 ez You figure your casualty loss deduction as follows. 2012 1040 ez       Base-     Car ment 1) Loss $1,800 $2,100 2) Subtract $100 per incident 100 100 3) Loss after $100 rule $1,700 $2,000 4) Total loss $3,700 5) Subtract 10% × $25,000 AGI 2,500 6) Casualty loss deduction $1,200 Gains and losses. 2012 1040 ez   If you had both gains and losses from casualties or thefts to personal-use property, you must compare your total gains to your total losses. 2012 1040 ez Do this after you have reduced each loss by any reimbursements and by $100, but before you have reduced the losses by 10% of your adjusted gross income. 2012 1040 ez Casualty or theft gains do not include gains you choose to postpone. 2012 1040 ez See Publication 547 for information on the postponement of gain. 2012 1040 ez Losses more than gains. 2012 1040 ez   If your losses are more than your recognized gains, subtract your gains from your losses and reduce the result by 10% of your adjusted gross income. 2012 1040 ez The rest, if any, is your deductible loss from personal-use property. 2012 1040 ez Gains more than losses. 2012 1040 ez   If your recognized gains are more than your losses, subtract your losses from your gains. 2012 1040 ez The difference is treated as capital gain and must be reported on Schedule D (Form 1040). 2012 1040 ez The 10% rule does not apply to your gains. 2012 1040 ez When To Report Gains and Losses Gains. 2012 1040 ez   If you receive an insurance or other reimbursement that is more than your adjusted basis in the destroyed or stolen property, you have a gain from the casualty or theft. 2012 1040 ez You must include this gain in your income in the year you receive the reimbursement, unless you choose to postpone reporting the gain as explained in Publication 547. 2012 1040 ez If you have a loss, see Table 25-2 . 2012 1040 ez Table 25-2. 2012 1040 ez When To Deduct a Loss IF you have a loss. 2012 1040 ez . 2012 1040 ez . 2012 1040 ez THEN deduct it in the year. 2012 1040 ez . 2012 1040 ez . 2012 1040 ez from a casualty, the loss occurred. 2012 1040 ez in a federally declared disaster area, the disaster occurred or the year immediately before the disaster. 2012 1040 ez from a theft, the theft was discovered. 2012 1040 ez on a deposit treated as a:   • casualty or any ordinary loss, a reasonable estimate can be made. 2012 1040 ez • bad debt, deposits are totally worthless. 2012 1040 ez Losses. 2012 1040 ez   Generally, you can deduct a casualty loss that is not reimbursable only in the tax year in which the casualty occurred. 2012 1040 ez This is true even if you do not repair or replace the damaged property until a later year. 2012 1040 ez   You can deduct theft losses that are not reimbursable only in the year you discover your property was stolen. 2012 1040 ez   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. 2012 1040 ez Loss on deposits. 2012 1040 ez   If your loss is a loss on deposits in an insolvent or bankrupt financial institution, see Loss on Deposits , earlier. 2012 1040 ez Disaster Area Loss You generally must deduct a casualty loss in the year it occurred. 2012 1040 ez However, if you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), you can choose to deduct the loss on your tax return or amended return for either of the following years. 2012 1040 ez The year the disaster occurred. 2012 1040 ez The year immediately preceding the year the disaster occurred. 2012 1040 ez Gains. 2012 1040 ez    Special rules apply if you choose to postpone reporting gain on property damaged or destroyed in a federally declared disaster area. 2012 1040 ez For those special rules, see Publication 547. 2012 1040 ez Postponed tax deadlines. 2012 1040 ez   The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. 2012 1040 ez The tax deadlines the IRS may postpone include those for filing income and employment tax returns, paying income and employment taxes, and making contributions to a traditional IRA or Roth IRA. 2012 1040 ez   If any tax deadline is postponed, the IRS will publicize the postponement in your area by publishing a news release, revenue ruling, revenue procedure, notice, announcement, or other guidance in the Internal Revenue Bulletin (IRB). 2012 1040 ez Go to www. 2012 1040 ez irs. 2012 1040 ez gov/uac/Tax-Relief-in-Disaster-Situations to find out if a tax deadline has been postponed for your area. 2012 1040 ez Who is eligible. 2012 1040 ez   If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement. 2012 1040 ez Any individual whose main home is located in a covered disaster area (defined next). 2012 1040 ez Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. 2012 1040 ez Any individual who is a relief worker affiliated with a recognized government or philanthropic organization who is assisting in a covered disaster area. 2012 1040 ez 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. 2012 1040 ez The main home or principal place of business does not have to be located in the covered disaster area. 2012 1040 ez 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. 2012 1040 ez The spouse on a joint return with a taxpayer who is eligible for postponements. 2012 1040 ez Any individual, business entity, or sole proprietorship not located in a covered disaster area, but whose records necessary to meet a postponed tax deadline are located in the covered disaster area. 2012 1040 ez Any individual visiting the covered disaster area who was killed or injured as a result of the disaster. 2012 1040 ez Any other person determined by the IRS to be affected by a federally declared disaster. 2012 1040 ez Covered disaster area. 2012 1040 ez   This is an area of a federally declared disaster in which the IRS has decided to postpone tax deadlines for up to 1 year. 2012 1040 ez Abatement of interest and penalties. 2012 1040 ez   The IRS may abate the interest and penalties on underpaid income tax for the length of any postponement of tax deadlines. 2012 1040 ez More information. 2012 1040 ez   For more information, see Disaster Area Losses in Publication 547. 2012 1040 ez How To Report Gains and Losses Use Form 4684 to report a gain or a deductible loss from a casualty or theft. 2012 1040 ez If you have more than one casualty or theft, use a separate Form 4684 to determine your gain or loss for each event. 2012 1040 ez Combine the gains and losses on one Form 4684. 2012 1040 ez Follow the form instructions as to which lines to fill out. 2012 1040 ez In addition, you must use the appropriate schedule to report a gain or loss. 2012 1040 ez The schedule you use depends on whether you have a gain or loss. 2012 1040 ez If you have a: Report it on: Gain Schedule D (Form 1040) Loss Schedule A (Form 1040) Adjustments to basis. 2012 1040 ez   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. 2012 1040 ez Amounts you spend to restore your property after a casualty increase your adjusted basis. 2012 1040 ez See Adjusted Basis in chapter 13 for more information. 2012 1040 ez Net operating loss (NOL). 2012 1040 ez    If your casualty or theft loss deduction causes your deductions for the year to be more than your income for the year, you may have an NOL. 2012 1040 ez You can use an NOL to lower your tax in an earlier year, allowing you to get a refund for tax you have already paid. 2012 1040 ez Or, you can use it to lower your tax in a later year. 2012 1040 ez You do not have to be in business to have an NOL from a casualty or theft loss. 2012 1040 ez For more information, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. 2012 1040 ez Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Controlled Foreign Corporations

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  • Data are taken from Form 5471 - Information Return of U.S. Persons With Respect to Certain Foreign Corporations.
  • For U.S. income tax purposes, a foreign corporation is "controlled" if U.S. shareholders own more than 50% of its outstanding voting stock.
  • Data are also available for the One-Time Dividend Received Deduction reported on Form 8895.

Statistical Tables     SOI Bulletin Articles     Metadata   
 


Statistical Tables

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U.S. Corporations and Their Controlled Foreign Corporations
     Data Presented: Number, Assets, Receipts, Earnings, Taxes, Distributions, Subpart F Income, and Related Party Transactions
     Classified by: Selected NAICS Industrial Sector*
     Tax Years: 2008     2006     2004   
 
     Classified by: Selected Country of Incorporation
     Tax Years: 2008     2006     2004   
 
     Classified by: Selected Country of Incorporation and NAICS Industrial Sector*
     Tax Years: 2008     2006     2004   
 
U.S. Corporations with Total Assets of $500 Million or More and Their 7,500 Largest Controlled Foreign Corporations
     Data Presented: Number, Assets, Receipts, Earnings, Taxes, Distributions, and Subpart F Income
     Classified by: Selected NAICS Industrial Sector*
     Tax Years: 2002   2000   1998   1996   1994   1992   1988
 
     Classified by: Selected Country of Incorporation
     Tax Years: 2002   2000   1998   1996   1994   1992   1988
 
     Classified by: Selected Country of Incorporation and NAICS Industrial Sector*
     Tax Years: 2002   2000   1998   1996   1994   1988


 

U.S. Corporations with Total Assets of $500 Million or More and Their 7,500 Largest Controlled Foreign Corporations
     Data Presented: Number, Assets, Receipts, and Earnings, Standard Industrial Classification (SIC) and North American Industry Classification System (NAICS)
     Classified by: Selected NAICS Industrial Sector
     Tax Year: 1998


*Note:  For Tax Years prior to 1998, industry data are presented by Standard Industry Classification (SIC).  Industry data for Tax Years 1998 to present are presented by North American Industry Classification System (NAICS)


SOI Bulletin Articles

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Page Last Reviewed or Updated: 15-Jan-2014

The 2012 1040 Ez

2012 1040 ez Index A Adjusted basis defined, Adjusted basis defined. 2012 1040 ez Administrative or management activities, Administrative or management activities. 2012 1040 ez Assistance (see Tax help) Attorneys, Place To Meet Patients, Clients, or Customers B Business expenses not for use of home, Business expenses not for use of your home. 2012 1040 ez Business furniture and equipment, Business Furniture and Equipment Business percentage, Business Percentage Business use of the home requirements (see Qualifying for a deduction) C Carryover of expenses, Carryover of unallowed expenses. 2012 1040 ez Casualty losses, Casualty losses. 2012 1040 ez Child and Adult Care Food Program reimbursements, Meals. 2012 1040 ez Computer Listed property, Listed Property D Daycare facilities, Daycare Facility, Standard meal and snack rates. 2012 1040 ez (see also Family daycare providers) Eligible children for standard meal and snack rates, Standard meal and snack rates. 2012 1040 ez Exceptions for regular use requirement, Daycare Facility Family daycare, Standard meal and snack rates. 2012 1040 ez Family daycare provider, Standard meal and snack rates. 2012 1040 ez Meals, Meals. 2012 1040 ez , Standard meal and snack rates. 2012 1040 ez Regular use, Daycare Facility Standard meal and snack rates, Meals. 2012 1040 ez , Standard meal and snack rates. 2012 1040 ez Deduction limit, Deduction Limit Deduction requirements Employee use, Additional tests for employee use. 2012 1040 ez Exceptions to exclusive use, Exceptions to Exclusive Use Exclusive use, Exclusive Use More than one trade or business, More Than One Trade or Business Place to meet clients, Place To Meet Patients, Clients, or Customers Principal place of business, Principal Place of Business Regular use, Regular Use Separate structure, Separate Structure Storage of inventory or product samples, Storage of inventory or product samples. 2012 1040 ez Trade or business use, Trade or Business Use Deductions Figuring, Figuring the Deduction, Part 2—Figure Your Allowable Deduction Limit, Deduction Limit Part-year use, Part-year use. 2012 1040 ez Qualifying for, Qualifying for a Deduction, Separate Structure Rental to employer, Rental to employer. 2012 1040 ez Unreimbursed partnership expenses, Deducting unreimbursed partnership expenses. 2012 1040 ez Using Actual Expenses, Using Actual Expenses Dentists, Place To Meet Patients, Clients, or Customers Depreciation, Property Bought for Business Use 5-year property, Depreciation 7-year property, Depreciation Adjusted basis, Adjusted basis defined. 2012 1040 ez Fair market value, Fair market value defined. 2012 1040 ez Figuring depreciation for the current year, Figuring the depreciation deduction for the current year. 2012 1040 ez Furniture and equipment, Business Furniture and Equipment, Depreciation Home, Depreciating Your Home Nonresidential real property, Figuring the depreciation deduction for the current year. 2012 1040 ez Percentage table for 39-year nonresidential real property, Depreciation table. 2012 1040 ez Permanent improvements, Permanent improvements. 2012 1040 ez , Depreciating permanent improvements. 2012 1040 ez Depreciation of home, Depreciating Your Home Basis adjustment, Basis Adjustment MACRS (Table 2), Depreciation table. 2012 1040 ez Property bought for business use, Depreciation Sale or exchange of home, Depreciation Doctors, Place To Meet Patients, Clients, or Customers E Employee use of home, Additional tests for employee use. 2012 1040 ez Employees Adequately accounting to employer, Adequately accounting to employer. 2012 1040 ez Casualty losses, Casualty losses. 2012 1040 ez Mortgage interest, Deductible mortgage interest. 2012 1040 ez Other expenses, Other expenses. 2012 1040 ez Real estate taxes, Real estate taxes. 2012 1040 ez Exclusive use, Exclusive Use Expenses Casualty losses, Casualty losses. 2012 1040 ez Direct, Actual Expenses Indirect, Actual Expenses Insurance, Insurance. 2012 1040 ez Mortgage interest, Deductible mortgage interest. 2012 1040 ez , Qualified mortgage insurance premiums. 2012 1040 ez Real estate taxes, Real estate taxes. 2012 1040 ez Related to tax-exempt income, Expenses related to tax-exempt income. 2012 1040 ez Rent, Rent. 2012 1040 ez Repairs, Repairs. 2012 1040 ez Security system, Security system. 2012 1040 ez Telephone, Telephone. 2012 1040 ez Types of, Actual Expenses Unrelated, Actual Expenses Utilities and services, Utilities and services. 2012 1040 ez Where to deduct, Where To Deduct F Fair market value, Fair market value defined. 2012 1040 ez Family daycare providers Meal and snack log (Exhibit A), Standard meal and snack rates. 2012 1040 ez Standard meal and snack rates, Standard meal and snack rates. 2012 1040 ez Standard meal and snack rates (Table 3), Standard meal and snack rates. 2012 1040 ez Figuring the deduction Business percentage, Business Percentage Deduction limit, Deduction Limit Form, Useful Items - You may want to see:, Self-Employed Persons, Real estate taxes. 2012 1040 ez 1040, Schedule F, Casualty losses. 2012 1040 ez 2106, Employees 4562, Reporting and recordkeeping requirements. 2012 1040 ez 4684, Casualty losses. 2012 1040 ez 8829, Actual Expenses, Casualty losses. 2012 1040 ez , Business Percentage, Daycare Facility W-2 Reimbursed expenses, Employees Free tax services, Free help with your tax return. 2012 1040 ez Furniture and equipment, Business Furniture and Equipment H Help (see Tax help) Home Business percentage, Business Percentage Depreciation, Depreciating Your Home Sale of, Sale or Exchange of Your Home Home expenses, Can you deduct business use of, Figure A, , Principal Place of Business I Improvements (see Permanent improvements) Insurance, Insurance. 2012 1040 ez Inventory, storage of, Storage of inventory or product samples. 2012 1040 ez L Listed property Computers, Listed Property Defined, Listed Property Employee requirements, Employee. 2012 1040 ez Reporting and recordkeeping requirements, Reporting and recordkeeping requirements. 2012 1040 ez Years following the year placed in service, Years following the year placed in service. 2012 1040 ez M MACRS percentage table 39-year nonresidential real property, Depreciation table. 2012 1040 ez Meals, Meals. 2012 1040 ez Meeting with patients, clients, or customers on premises, Place To Meet Patients, Clients, or Customers More than one place of business, More than one place of business. 2012 1040 ez More than one trade or business, More Than One Trade or Business More-than-50%-use test, More-than-50%-use test. 2012 1040 ez Mortgage interest, Deductible mortgage interest. 2012 1040 ez , Qualified mortgage insurance premiums. 2012 1040 ez P Partners, Partners Partnership expenses, unreimbursed, Deducting unreimbursed partnership expenses. 2012 1040 ez Permanent improvements, Permanent improvements. 2012 1040 ez , Depreciating permanent improvements. 2012 1040 ez Personal property converted to business use, Personal Property Converted to Business Use Place of business, more than one, More than one place of business. 2012 1040 ez Principal place of business, Principal Place of Business Product samples, Storage of inventory or product samples. 2012 1040 ez Property bought for business use Depreciation, Depreciation Section 179 deduction, Property Bought for Business Use, Section 179 Deduction Property converted to business use, Personal, Personal Property Converted to Business Use Publications, Useful Items - You may want to see: (see Tax help) Q Qualifying for a deduction, Qualifying for a Deduction R Real estate taxes, Real estate taxes. 2012 1040 ez Recordkeeping, Recordkeeping Recordkeeping requirements Business furniture and equipment, Reporting and recordkeeping requirements. 2012 1040 ez Family daycare provider meal and snack log (Exhibit A), Standard meal and snack rates. 2012 1040 ez Regular use, Regular Use Reminders, Reminders Rent, Rent. 2012 1040 ez Repairs, Repairs. 2012 1040 ez Reporting requirements Business furniture and equipment, Reporting and recordkeeping requirements. 2012 1040 ez S Sale or exchange of your home, Sale or Exchange of Your Home Basis adjustment, Basis Adjustment Depreciation taken, Depreciation Ownership and use tests, Ownership and use tests. 2012 1040 ez Section 179, Section 179 Deduction Furniture and equipment, Business Furniture and Equipment, Listed Property Listed property, Business Furniture and Equipment, Listed Property Personal property converted to business use, Personal Property Converted to Business Use Property bought for business use, Property Bought for Business Use Security system, Security system. 2012 1040 ez Self-employed persons Deduction of expenses, Self-Employed Persons Separate structure, Separate Structure Simplified Method Actual expenses and depreciation of your home, Actual expenses and depreciation of your home. 2012 1040 ez Allowable area, Allowable area. 2012 1040 ez Business expenses not related to use of the home, Business expenses not related to use of the home. 2012 1040 ez Electing the simplified method, Electing the Simplified Method More than one home, More than one home. 2012 1040 ez More than one qualified business use, More than one qualified business use. 2012 1040 ez Shared use, Shared use. 2012 1040 ez Expenses deductible without regard to business use, Expenses deductible without regard to business use. 2012 1040 ez No carryover of unallowed expenses, No deduction of carryover of actual expenses. 2012 1040 ez Simplified amount, Simplified Amount Space used regularly for daycare, Space used regularly for daycare. 2012 1040 ez Using the simplified method, Using the Simplified Method Standard meal and snack rates, Standard meal and snack rates. 2012 1040 ez Storage of inventory, Storage of inventory or product samples. 2012 1040 ez T Tables and figures MACRS Depreciation of home (Table 2), Depreciation table. 2012 1040 ez Qualifying for deduction (Figure A), Standard meal and snack rates (Table 3), Table 3. 2012 1040 ez Standard Meal and Snack Rates1 Types of expenses (Table 1), Actual Expenses Tax help, How To Get Tax Help Telephone, Telephone. 2012 1040 ez Trade or business use, Trade or Business Use TTY/TDD information, How To Get Tax Help Types of expenses, Actual Expenses U Utilities, Utilities and services. 2012 1040 ez W Where to deduct expenses, Where To Deduct Employees, Employees Self-employed, Self-Employed Persons Worksheets Area Adjustment Worksheet (for simplified method), Area Adjustment Worksheet (for simplified method) Worksheets to figure the deduction for business use of your home (simplified method), Worksheets To Figure the Deduction for Business Use of Your Home (Simplified Method) Daycare facility worksheet (for simplified method), Daycare Facility Worksheet (for simplified method) Simplified method worksheet, Simplified Method Worksheet Prev  Up     Home   More Online Publications