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Tax Admendment

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Tax Admendment

Tax admendment 3. Tax admendment   Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Tax admendment Deductible contribution. Tax admendment Nondeductible contribution. Tax admendment You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). Tax admendment Some adjustments to income follow. Tax admendment Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. Tax admendment Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Tax admendment See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Tax admendment Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Tax admendment For more details, see Publication 535, Business Expenses. Tax admendment Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Tax admendment For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Tax admendment Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Tax admendment Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Tax admendment Alimony payments (Form 1040, line 31a). Tax admendment For more information, see Publication 504, Divorced or Separated Individuals. Tax admendment There are other items you can claim as adjustments to income. Tax admendment These adjustments are discussed in your tax return instructions. Tax admendment Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Tax admendment A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Tax admendment Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Tax admendment For more detailed information, see Publication 590. Tax admendment Contributions. Tax admendment   An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Tax admendment Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. Tax admendment    Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Tax admendment Do not report this interest on your tax return as tax-exempt interest. Tax admendment General limit. Tax admendment   The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Tax admendment Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Tax admendment Contributions to Kay Bailey Hutchison Spousal IRAs. Tax admendment   In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. Tax admendment For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Tax admendment Deductible contribution. Tax admendment   Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. Tax admendment However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. Tax admendment Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Tax admendment For more information, see Limit if Covered by Employer Plan in Publication 590. Tax admendment Nondeductible contribution. Tax admendment   The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Tax admendment You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. Tax admendment    For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). Tax admendment Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Nebraska Office of the Attorney General

Website: Nebraska Office of the Attorney General

Address: Nebraska Office of the Attorney General
Consumer Protection Division
2115 State Capitol
Lincoln, NE 68509

Phone Number: 402-471-2682

Toll-free: 1-800-727-6432 (NE) 1-888-850-7555 (in Spanish)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Banking and Finance

Website: Department of Banking and Finance

Address: Department of Banking and Finance
PO Box 95006
Lincoln, NE 68509-5006

Phone Number: 402-471-2171

Toll-free: 1-877-471-3445

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
PO Box 82089
Lincoln, NE 68501-2089

Phone Number: 402-471-2201

Toll-free: 1-877-564-7323 (NE)

TTY: 1-800-833-7352

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Banking and Finance

Website: Department of Banking and Finance

Address: Department of Banking and Finance
Bureau of Securities
PO Box 95006
Lincoln, NE 68509-5006

Phone Number: 402-471-3445

Toll-free: 1-877-471-3445

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
1200 N St., Suite 300
Lincoln, NE 68508

Phone Number: 402-471-3101

Toll-free: 1-800-526-0017 (NE)

TTY: 402-471-0213

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The Tax Admendment

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