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Irs Form 1040ez Fillable

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Irs Form 1040ez Fillable

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

Given available resources and shifting taxpayer demands, the IRS will be making a number of taxpayer service changes for the 2014 filing season.

The changes, which were made following input from stakeholders in the tax community, reflect the need for increased use of automated self-service options. With limited resources to support person-to-person services on the phone or at Taxpayer Assistance Centers, the IRS is emphasizing services, such as those found on IRS.gov, to help meet a number of taxpayer needs. This approach will free up IRS assistors on the phone or in person to help with issues that cannot be resolved through other avenues, such as issues involving identity theft.

Each year, the IRS balances anticipated customer service needs against available resources to determine the right mix of technology, employees and IRS partner-provided assistance  to meet these needs in the most effective and efficient way. The changes for filing season 2014 affect these areas:

  • Tax Return Preparation
  • Transcript delivery
  • Tax Law Assistance
  • Tax Refund Inquiries
  • Employer Identification Number
  • Practitioner Priority Service

Taxpayers should find these automated services easy to use and convenient. Many are available 24 hours and seven days a week.

Tax Return Preparation

Due to resource constraints, fewer tax returns have been prepared at IRS walk-in offices in recent years. For several years, return preparation has only been available in a limited format – only offered at some IRS offices and not every day of the week at some locations. In addition, taxpayers had to have income below the Earned Income Tax Credit thresholds to receive this assistance.

With the growth in electronic tax preparation and continued resource limitations, the IRS will be directing qualified taxpayers during the upcoming filing season to more than 13,000 volunteer partner sites across the country rather than limited services at the IRS’s 250 walk-in offices. The IRS will refer taxpayers who visit the walk-in offices for tax preparation to the nearest volunteer site for tax return preparation.

Almost everyone can use IRS Free File to prepare and e-file their own returns for free. People who made $58,000 or less last year – and that’s 70 percent of taxpayers – can use Free File software. Fourteen companies make their brand-name tax software products available for free. For people who earned more, there’s Free File Fillable Forms, the electronic version of IRS paper forms. It’s best for people comfortable preparing their own returns. Free File is available only at IRS.gov/freefile.

New “Get Transcript” Service

Early in 2014, a new online request option called “Get Transcript” on IRS.gov will allow individual taxpayers with an SSN to instantly view and print a copy of their tax transcripts. With Get Transcript, taxpayers will save both time and effort. When the new service is available, transcript requests will generally be referred to the online tool. Taxpayers will be able to use the tool to authenticate, view and print copies of their transcript in one session. Taxpayers will still also be able to request that a transcript be mailed to their address of record by using the existing online tool or sending in Form 4506T. A specific date when Get Transcript will be available will be announced early in 2014.

The tool will be available for five types of transcripts: tax account, tax return, record of account, wage and income, and verification of non-filing.

Tax Law Assistance

The majority of tax law questions the IRS receives each year are about basic tax law issues. This includes questions pertaining to Forms 1040A, 1040 EZ and related items on Form 1040 such as filing status, dependents, exemptions and taxable income. During each filing season (January to mid-April), the IRS will continue to answer these basic tax law questions.

A small percentage of taxpayers seek help with other, more detailed tax law questions that frequently take more time to address. Beginning with the 2014 filing season, the IRS will refer taxpayers with these more complex questions to a number of other resources available on IRS.gov, IRS tax publications and the software packages taxpayers may already be using. This step reflects the continuing adoption of tax preparation software. More than 90 percent of all taxpayers use of tax return preparation software, either on their own or through their tax professional, and the tax law help is included as part of the software.

Most tax law questions are asked during filing season. To focus IRS resources on the filing season, outside of the January – April time frame the IRS will refer all taxpayers with tax law questions to the resources listed above.  

Tax Refund Inquiries

Traditionally, the most common question the IRS receives is about when people can expect to see their refund. In recent years, the IRS has issued more than 90 percent of refunds in less than 21 days. With the continued growth of the internet and mobile apps, the IRS will direct all refund inquiries during the first 21 days after a taxpayer files electronically to the “Where’s My Refund?” tool available in English and Spanish through the IRS2Go phone app, IRS.gov and the automated telephone service. IRS customer service representatives will only be able to research the status of a refund if it’s been 21 days or more since the return was filed electronically or more than six weeks since a paper return was mailed to the IRS or if the Where’s My Refund? tool directs them to contact the IRS.

Practitioner Priority Service

The Practitioner Priority Service (PPS) provides tax professionals a dedicated channel to resolve taxpayer client account issues. Over the past few years, a growing number of customers who were not tax professionals used this service. Beginning in January, the IRS will limit PPS to tax professionals and requests related to resolving client related issues. All other requests will be referred to other appropriate resources for service. This change is expected to help the IRS provide better service to more tax professionals and help free up other resources for customer service.

Employer Identification Number

The IRS’s EIN Online Assistant continues to be a success with more than four million requests processed per year electronically compared to just over 588,000 requests made for an EIN via our manual telephone option. Beginning with the 2014 filing season, the IRS will refer all EIN requests to the EIN Online Assistant and refer only those with questions about a previously assigned EIN to a live IRS representative

Any savings realized from these initiatives will be reinvested into improving service on the phone and at our walk-in sites.

Other Resources Available for Free Help

Page Last Reviewed or Updated: 03-Feb-2014

The Irs Form 1040ez Fillable

Irs form 1040ez fillable 4. Irs form 1040ez fillable   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Irs form 1040ez fillable Adjusted gross income. Irs form 1040ez fillable Distributions received by spouse. Irs form 1040ez fillable Testing period. Irs form 1040ez fillable What's New Modified AGI limit for retirement savings contributions credit increased. Irs form 1040ez fillable  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Irs form 1040ez fillable Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Irs form 1040ez fillable You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Irs form 1040ez fillable This credit could reduce the federal income tax you pay dollar for dollar. Irs form 1040ez fillable    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Irs form 1040ez fillable You were born before January 2, 1996. Irs form 1040ez fillable You are not a full-time student (explained next). Irs form 1040ez fillable No one else, such as your parent(s), claims an exemption for you on their tax return. Irs form 1040ez fillable Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Irs form 1040ez fillable Full-time student. Irs form 1040ez fillable   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Irs form 1040ez fillable You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Irs form 1040ez fillable Adjusted gross income. Irs form 1040ez fillable   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Irs form 1040ez fillable However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Irs form 1040ez fillable Eligible contributions. Irs form 1040ez fillable   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Irs form 1040ez fillable They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Irs form 1040ez fillable For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Irs form 1040ez fillable Reducing eligible contributions. Irs form 1040ez fillable   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Irs form 1040ez fillable Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Irs form 1040ez fillable   Do not reduce your eligible contributions by any of the following. Irs form 1040ez fillable The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Irs form 1040ez fillable Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Irs form 1040ez fillable Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Irs form 1040ez fillable Loans from a qualified employer plan treated as a distribution. Irs form 1040ez fillable Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Irs form 1040ez fillable Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Irs form 1040ez fillable Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Irs form 1040ez fillable Distributions from a military retirement plan. Irs form 1040ez fillable Distributions from an inherited IRA by a nonspousal beneficiary. Irs form 1040ez fillable Distributions received by spouse. Irs form 1040ez fillable   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Irs form 1040ez fillable Testing period. Irs form 1040ez fillable   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Irs form 1040ez fillable Example. Irs form 1040ez fillable You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Irs form 1040ez fillable You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Irs form 1040ez fillable Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Irs form 1040ez fillable You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Irs form 1040ez fillable You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Irs form 1040ez fillable Maximum eligible contributions. Irs form 1040ez fillable   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Irs form 1040ez fillable Effect on other credits. Irs form 1040ez fillable   The amount of this credit will not change the amount of your refundable tax credits. Irs form 1040ez fillable A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Irs form 1040ez fillable Maximum credit. Irs form 1040ez fillable   This is a nonrefundable credit. Irs form 1040ez fillable The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Irs form 1040ez fillable If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Irs form 1040ez fillable How to figure and report the credit. Irs form 1040ez fillable   The amount of the credit you can get is based on the contributions you make and your credit rate. Irs form 1040ez fillable Your credit rate can be as low as 10% or as high as 50%. Irs form 1040ez fillable Your credit rate depends on your income and your filing status. Irs form 1040ez fillable See Form 8880 to determine your credit rate. Irs form 1040ez fillable   The maximum contribution taken into account is $2,000 per person. Irs form 1040ez fillable On a joint return, up to $2,000 is taken into account for each spouse. Irs form 1040ez fillable   Figure the credit on Form 8880. Irs form 1040ez fillable Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Irs form 1040ez fillable Prev  Up  Next   Home   More Online Publications