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Taxes h&r block online Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Taxes h&r block online They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Taxes h&r block online CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Taxes h&r block online Opening a CCF account. Taxes h&r block online   If you are a U. Taxes h&r block online S. Taxes h&r block online citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Taxes h&r block online However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Taxes h&r block online This agreement will establish the following. Taxes h&r block online Agreement vessels. Taxes h&r block online Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Taxes h&r block online Planned use of withdrawals. Taxes h&r block online Use of CCF funds to acquire, build, or rebuild a vessel. Taxes h&r block online CCF depository. Taxes h&r block online Where your CCF funds will be held. Taxes h&r block online    You can request an application kit or get additional information from NMFS at the following address. Taxes h&r block online NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Taxes h&r block online nmfs. Taxes h&r block online noaa. Taxes h&r block online gov/mb/financial_services/ccf. Taxes h&r block online htm. Taxes h&r block online    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Taxes h&r block online 204). Taxes h&r block online Their fax number is (301) 713-1939. Taxes h&r block online Eligible vessels. Taxes h&r block online   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Taxes h&r block online For each type, certain requirements must be met. Taxes h&r block online Vessel weighing 5 tons or more. Taxes h&r block online   To be considered eligible, the vessel must meet all the following requirements. Taxes h&r block online Be built or rebuilt in the United States. Taxes h&r block online Be documented under the laws of the United States. Taxes h&r block online Be used commercially in the fisheries of the United States. Taxes h&r block online Be operated in the foreign or domestic commerce of the United States. Taxes h&r block online Vessel weighing less than 5 tons. Taxes h&r block online   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Taxes h&r block online Be built or rebuilt in the United States. Taxes h&r block online Be owned by a U. Taxes h&r block online S. Taxes h&r block online citizen. Taxes h&r block online Have a home port in the United States. Taxes h&r block online Be used commercially in the fisheries of the United States. Taxes h&r block online Deferring tax on CCF deposits and earnings. Taxes h&r block online   You can use a CCF account to defer income tax by taking the following actions. Taxes h&r block online Making deposits to your CCF account from taxable income. Taxes h&r block online Excluding from income deposits assigned to certain accounts (discussed later). Taxes h&r block online Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Taxes h&r block online Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Taxes h&r block online    Reporting requirements. Taxes h&r block online Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Taxes h&r block online This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Taxes h&r block online For more information, contact the NMFS at the address or phone number given earlier. Taxes h&r block online Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Taxes h&r block online Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Taxes h&r block online Capital account. Taxes h&r block online   The capital account consists primarily of amounts attributable to the following items. Taxes h&r block online Allowable depreciation deductions for agreement vessels. Taxes h&r block online Any nontaxable return of capital from either (a) or (b), below. Taxes h&r block online The sale or other disposition of agreement vessels. Taxes h&r block online Insurance or indemnity proceeds attributable to agreement vessels. Taxes h&r block online Any tax-exempt interest earned on state or local bonds in your CCF account. Taxes h&r block online Capital gain account. Taxes h&r block online   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Taxes h&r block online Any capital gain from either of the following sources. Taxes h&r block online The sale or other disposition of agreement vessels held for more than 6 months. Taxes h&r block online Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Taxes h&r block online Any capital gain from assets held in your CCF account for more than 6 months. Taxes h&r block online Ordinary income account. Taxes h&r block online   The ordinary income account consists of amounts attributable to the following items. Taxes h&r block online Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Taxes h&r block online Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Taxes h&r block online The sale or other disposition of agreement vessels held for 6 months or less. Taxes h&r block online Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Taxes h&r block online Any capital gain from assets held in your CCF account for 6 months or less. Taxes h&r block online Any ordinary income (such as depreciation recapture) from either of the following sources. Taxes h&r block online The sale or other disposition of agreement vessels. Taxes h&r block online Insurance or indemnity proceeds attributable to agreement vessels. Taxes h&r block online Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Taxes h&r block online Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Taxes h&r block online Capital gains. Taxes h&r block online   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Taxes h&r block online This treatment applies to either of the following transactions. Taxes h&r block online The sale or other disposition of an agreement vessel. Taxes h&r block online The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Taxes h&r block online Depreciation recapture. Taxes h&r block online   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Taxes h&r block online This treatment applies to either of the following transactions. Taxes h&r block online The sale or other disposition of an agreement vessel. Taxes h&r block online The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Taxes h&r block online Earnings from operations. Taxes h&r block online   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Taxes h&r block online You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Taxes h&r block online Next to line 43, write “CCF” and the amount of the deposits. Taxes h&r block online Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Taxes h&r block online If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Taxes h&r block online When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Taxes h&r block online Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Taxes h&r block online Self-employment tax. Taxes h&r block online   You must use your net profit or loss from your fishing business to figure your self-employment tax. Taxes h&r block online Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Taxes h&r block online    Partnerships and S corporations. Taxes h&r block online The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Taxes h&r block online   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Taxes h&r block online Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Taxes h&r block online However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Taxes h&r block online Capital gains. Taxes h&r block online   Do not report any capital gains from the sale of capital assets held in your CCF account. Taxes h&r block online This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Taxes h&r block online However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Taxes h&r block online ” Interest and dividends. Taxes h&r block online   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Taxes h&r block online However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Taxes h&r block online ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Taxes h&r block online ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Taxes h&r block online ” Tax-exempt interest. Taxes h&r block online   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Taxes h&r block online You are not required to report this interest on Form 1040, line 8b. Taxes h&r block online Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Taxes h&r block online Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Taxes h&r block online Acquiring, building, or rebuilding qualified vessels (defined next). Taxes h&r block online Making principal payments on the mortgage of a qualified vessel. Taxes h&r block online NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Taxes h&r block online NMFS will approve amounts withdrawn to purchase trawl nets. Taxes h&r block online Qualified vessel. Taxes h&r block online   This is any vessel that meets all of the following requirements. Taxes h&r block online The vessel was built or rebuilt in the United States. Taxes h&r block online The vessel is documented under the laws of the United States. Taxes h&r block online The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Taxes h&r block online How to determine the source of qualified withdrawals. Taxes h&r block online   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Taxes h&r block online The capital account. Taxes h&r block online The capital gain account. Taxes h&r block online The ordinary income account. Taxes h&r block online Excluding qualified withdrawals from tax. Taxes h&r block online   Do not report on your income tax return any qualified withdrawals from your CCF account. Taxes h&r block online Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Taxes h&r block online Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Taxes h&r block online Qualified withdrawals are defined under Qualified Withdrawals, earlier. Taxes h&r block online Examples. Taxes h&r block online   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Taxes h&r block online Amounts remaining in a CCF account upon termination of your agreement with NMFS. Taxes h&r block online Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Taxes h&r block online Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Taxes h&r block online You will generally be given 3 years to revise your plans to cover this excess balance. Taxes h&r block online Amounts you leave in your account for more than 25 years. Taxes h&r block online There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Taxes h&r block online How to determine the source of nonqualified withdrawals. Taxes h&r block online    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Taxes h&r block online The ordinary income account. Taxes h&r block online The capital gain account. Taxes h&r block online The capital account. Taxes h&r block online Paying tax on nonqualified withdrawals. Taxes h&r block online   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Taxes h&r block online However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Taxes h&r block online    Partnerships and S corporations. Taxes h&r block online Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Taxes h&r block online Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Taxes h&r block online Interest. Taxes h&r block online   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Taxes h&r block online The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Taxes h&r block online The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Taxes h&r block online The interest rate on the nonqualified withdrawal is simple interest. Taxes h&r block online The rate is subject to change annually and is published in the Federal Register. Taxes h&r block online    You also can call NMFS at (301) 713-2393 (ext. Taxes h&r block online 204) to get the current interest rate. Taxes h&r block online Interest deduction. Taxes h&r block online   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Taxes h&r block online Reporting the additional tax and interest. Taxes h&r block online   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Taxes h&r block online Include the tax and interest on Form 1040, line 63 (for 2005). Taxes h&r block online To the left of line 63, write in the amount of tax and interest and “CCF. Taxes h&r block online ” Tax benefit rule. Taxes h&r block online   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Taxes h&r block online The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Taxes h&r block online That part is allowed as a net operating loss deduction. Taxes h&r block online More Information This section briefly discussed the CCF program. Taxes h&r block online For more detailed information, see the following legislative authorities. Taxes h&r block online Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Taxes h&r block online S. Taxes h&r block online C. Taxes h&r block online 1177). Taxes h&r block online Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Taxes h&r block online F. Taxes h&r block online R. Taxes h&r block online , Part 259). Taxes h&r block online Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Taxes h&r block online F. Taxes h&r block online R. Taxes h&r block online , Part 3). Taxes h&r block online Section 7518 of the Internal Revenue Code (IRC 7518). Taxes h&r block online The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Taxes h&r block online Also, see their web page at www. Taxes h&r block online nmfs. Taxes h&r block online noaa. Taxes h&r block online gov/mb/financial_services/ccf. Taxes h&r block online htm. Taxes h&r block online How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Taxes h&r block online By selecting the method that is best for you, you will have quick and easy access to tax help. Taxes h&r block online Contacting your Taxpayer Advocate. Taxes h&r block online   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Taxes h&r block online   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Taxes h&r block online While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Taxes h&r block online   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Taxes h&r block online irs. Taxes h&r block online gov/advocate. Taxes h&r block online   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Taxes h&r block online Free tax services. Taxes h&r block online   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Taxes h&r block online It contains a list of free tax publications and an index of tax topics. Taxes h&r block online It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Taxes h&r block online Internet. Taxes h&r block online You can access the IRS website 24 hours a day, 7 days a week, at www. Taxes h&r block online irs. Taxes h&r block online gov to: E-file your return. Taxes h&r block online Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Taxes h&r block online Check the status of your refund. Taxes h&r block online Click on Where's My Refund. Taxes h&r block online Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Taxes h&r block online Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Taxes h&r block online Download forms, instructions, and publications. Taxes h&r block online Order IRS products online. Taxes h&r block online Research your tax questions online. Taxes h&r block online Search publications online by topic or keyword. Taxes h&r block online View Internal Revenue Bulletins (IRBs) published in the last few years. Taxes h&r block online Figure your withholding allowances using our Form W-4 calculator. Taxes h&r block online Sign up to receive local and national tax news by email. Taxes h&r block online Get information on starting and operating a small business. Taxes h&r block online Phone. Taxes h&r block online Many services are available by phone. Taxes h&r block online Ordering forms, instructions, and publications. Taxes h&r block online Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Taxes h&r block online You should receive your order within 10 days. Taxes h&r block online Asking tax questions. Taxes h&r block online Call the IRS with your tax questions at 1-800-829-1040. Taxes h&r block online Solving problems. Taxes h&r block online You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Taxes h&r block online An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Taxes h&r block online Call your local Taxpayer Assistance Center for an appointment. Taxes h&r block online To find the number, go to www. Taxes h&r block online irs. Taxes h&r block online gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Taxes h&r block online TTY/TDD equipment. Taxes h&r block online If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Taxes h&r block online TeleTax topics. Taxes h&r block online Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Taxes h&r block online Refund information. Taxes h&r block online If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Taxes h&r block online Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Taxes h&r block online Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Taxes h&r block online Evaluating the quality of our telephone services. Taxes h&r block online To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Taxes h&r block online One method is for a second IRS representative to sometimes listen in on or record telephone calls. Taxes h&r block online Another is to ask some callers to complete a short survey at the end of the call. Taxes h&r block online Walk-in. Taxes h&r block online Many products and services are available on a walk-in basis. Taxes h&r block online Products. Taxes h&r block online You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Taxes h&r block online Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Taxes h&r block online Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Taxes h&r block online Services. Taxes h&r block online You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Taxes h&r block online An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Taxes h&r block online If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Taxes h&r block online No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Taxes h&r block online A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Taxes h&r block online To find the number, go to www. Taxes h&r block online irs. Taxes h&r block online gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Taxes h&r block online Mail. Taxes h&r block online You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Taxes h&r block online National Distribution Center P. Taxes h&r block online O. Taxes h&r block online Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Taxes h&r block online You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Taxes h&r block online The first release ships in late December and the final release ships in late February. Taxes h&r block online Current-year forms, instructions, and publications. Taxes h&r block online Prior-year forms, instructions, and publications. Taxes h&r block online Tax Map: an electronic research tool and finding aid. Taxes h&r block online Tax law frequently asked questions (FAQs). Taxes h&r block online Tax Topics from the IRS telephone response system. Taxes h&r block online Fill-in, print, and save features for most tax forms. Taxes h&r block online Internal Revenue Bulletins. Taxes h&r block online Toll-free and email technical support. Taxes h&r block online Buy the CD-ROM from National Technical Information Service (NTIS) at www. Taxes h&r block online irs. Taxes h&r block online gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Taxes h&r block online CD-ROM for small businesses. Taxes h&r block online Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Taxes h&r block online This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Taxes h&r block online All the business tax forms, instructions, and publications needed to successfully manage a business. Taxes h&r block online Tax law changes. Taxes h&r block online IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Taxes h&r block online Web links to various government agencies, business associations, and IRS organizations. Taxes h&r block online “Rate the Product” survey—your opportunity to suggest changes for future editions. Taxes h&r block online An updated version of this CD is available each year in early April. Taxes h&r block online You can get a free copy by calling 1-800-829-3676 or by visiting www. Taxes h&r block online irs. Taxes h&r block online gov/smallbiz. Taxes h&r block online Prev  Up  Next   Home   More Online Publications
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Taxes h&r block online 25. Taxes h&r block online   Nonbusiness Casualty and Theft Losses Table of Contents What's New Introduction Useful Items - You may want to see: CasualtyFamily pet. Taxes h&r block online Progressive deterioration. Taxes h&r block online Damage from corrosive drywall. Taxes h&r block online 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. Taxes h&r block online  Section C of Form 4684 is new for 2013. Taxes h&r block online 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. Taxes h&r block online Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. Taxes h&r block online You do not need to complete Appendix A. Taxes h&r block online For details, see Losses from Ponzi-type investment schemes , in this chapter. Taxes h&r block online Introduction This chapter explains the tax treatment of personal (not business or investment related) casualty losses, theft losses, and losses on deposits. Taxes h&r block online The chapter also explains the following  topics. Taxes h&r block online How to figure the amount of your loss. Taxes h&r block online How to treat insurance and other reimbursements you receive. Taxes h&r block online The deduction limits. Taxes h&r block online When and how to report a casualty or theft. Taxes h&r block online Forms to file. Taxes h&r block online    When you have a casualty or theft, you have to file Form 4684. Taxes h&r block online You will also have to file one or more of the following forms. Taxes h&r block online Schedule A (Form 1040), Itemized Deductions Schedule D (Form 1040), Capital Gains and Losses Condemnations. Taxes h&r block online   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Disposition of Assets. Taxes h&r block online Workbook for casualties and thefts. Taxes h&r block online    Publication 584 is available to help you make a list of your stolen or damaged personal-use property and figure your loss. Taxes h&r block online It includes schedules to help you figure the loss on your home, its contents, and your motor vehicles. Taxes h&r block online Business or investment-related losses. Taxes h&r block online   For information on a casualty or theft loss of business or income-producing property, see Publication 547, Casualties, Disasters, and Thefts. Taxes h&r block online 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. Taxes h&r block online A sudden event is one that is swift, not gradual or progressive. Taxes h&r block online An unexpected event is one that is ordinarily unanticipated and unintended. Taxes h&r block online 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. Taxes h&r block online Deductible losses. Taxes h&r block online   Deductible casualty losses can result from a number of different causes, including the following. Taxes h&r block online Car accidents (but see Nondeductible losses , next, for exceptions). Taxes h&r block online Earthquakes. Taxes h&r block online Fires (but see Nondeductible losses , next, for exceptions). Taxes h&r block online Floods. Taxes h&r block online 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. Taxes h&r block online Mine cave-ins. Taxes h&r block online Shipwrecks. Taxes h&r block online Sonic booms. Taxes h&r block online Storms, including hurricanes and tornadoes. Taxes h&r block online Terrorist attacks. Taxes h&r block online Vandalism. Taxes h&r block online Volcanic eruptions. Taxes h&r block online Nondeductible losses. Taxes h&r block online   A casualty loss is not deductible if the damage or destruction is caused by the following. Taxes h&r block online Accidentally breaking articles such as glassware or china under normal conditions. Taxes h&r block online A family pet (explained below). Taxes h&r block online A fire if you willfully set it or pay someone else to set it. Taxes h&r block online A car accident if your willful negligence or willful act caused it. Taxes h&r block online The same is true if the willful act or willful negligence of someone acting for you caused the accident. Taxes h&r block online Progressive deterioration (explained later). Taxes h&r block online Family pet. Taxes h&r block online   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. Taxes h&r block online Example. Taxes h&r block online Your antique oriental rug was damaged by your new puppy before it was housebroken. Taxes h&r block online Because the damage was not unexpected and unusual, the loss is not deductible as a casualty loss. Taxes h&r block online Progressive deterioration. Taxes h&r block online    Loss of property due to progressive deterioration is not deductible as a casualty loss. Taxes h&r block online This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. Taxes h&r block online The following are examples of damage due to progressive deterioration. Taxes h&r block online The steady weakening of a building due to normal wind and weather conditions. Taxes h&r block online The deterioration and damage to a water heater that bursts. Taxes h&r block online However, the rust and water damage to rugs and drapes caused by the bursting of a water heater does qualify as a casualty. Taxes h&r block online Most losses of property caused by droughts. Taxes h&r block online To be deductible, a drought-related loss generally must be incurred in a trade or business or in a transaction entered into for profit. Taxes h&r block online Termite or moth damage. Taxes h&r block online The damage or destruction of trees, shrubs, or other plants by a fungus, disease, insects, worms, or similar pests. Taxes h&r block online However, a sudden destruction due to an unexpected or unusual infestation of beetles or other insects may result in a casualty loss. Taxes h&r block online Damage from corrosive drywall. Taxes h&r block online   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. Taxes h&r block online For details, see Publication 547. Taxes h&r block online Theft A theft is the taking and removing of money or property with the intent to deprive the owner of it. Taxes h&r block online 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. Taxes h&r block online You do not need to show a conviction for theft. Taxes h&r block online Theft includes the taking of money or property by the following means. Taxes h&r block online Blackmail. Taxes h&r block online Burglary. Taxes h&r block online Embezzlement. Taxes h&r block online Extortion. Taxes h&r block online Kidnapping for ransom. Taxes h&r block online Larceny. Taxes h&r block online Robbery. Taxes h&r block online The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. Taxes h&r block online Decline in market value of stock. Taxes h&r block online   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. Taxes h&r block online 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. Taxes h&r block online You report a capital loss on Schedule D (Form 1040). Taxes h&r block online For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. Taxes h&r block online Mislaid or lost property. Taxes h&r block online   The simple disappearance of money or property is not a theft. Taxes h&r block online 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. Taxes h&r block online Sudden, unexpected, and unusual events are defined earlier. Taxes h&r block online Example. Taxes h&r block online A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. Taxes h&r block online The diamond falls from the ring and is never found. Taxes h&r block online The loss of the diamond is a casualty. Taxes h&r block online Losses from Ponzi-type investment schemes. Taxes h&r block online   If you had a loss from a Ponzi-type investment scheme, see: Revenue Ruling 2009-9, 2009-14 I. Taxes h&r block online R. Taxes h&r block online B. Taxes h&r block online 735 (available at www. Taxes h&r block online irs. Taxes h&r block online gov/irb/2009-14_IRB/ar07. Taxes h&r block online html). Taxes h&r block online Revenue Procedure 2009-20, 2009-14 I. Taxes h&r block online R. Taxes h&r block online B. Taxes h&r block online 749 (available at www. Taxes h&r block online irs. Taxes h&r block online gov/irb/2009-14_IRB/ar11. Taxes h&r block online html). Taxes h&r block online Revenue Procedure 2011-58, 2011-50 I. Taxes h&r block online R. Taxes h&r block online B. Taxes h&r block online 849 (available at www. Taxes h&r block online irs. Taxes h&r block online gov/irb/2011-50_IRB/ar11. Taxes h&r block online html). Taxes h&r block online 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. Taxes h&r block online Skip lines 19 to 27. Taxes h&r block online Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. Taxes h&r block online You do not need to complete Appendix A. Taxes h&r block online For more information, see the above revenue ruling and revenue procedures, and the Instructions for Form 4684. Taxes h&r block online   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. Taxes h&r block online Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. Taxes h&r block online If you incurred this type of loss, you can choose one of the following ways to deduct the loss. Taxes h&r block online As a casualty loss. Taxes h&r block online As an ordinary loss. Taxes h&r block online As a nonbusiness bad debt. Taxes h&r block online Casualty loss or ordinary loss. Taxes h&r block online   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. Taxes h&r block online 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. Taxes h&r block online 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. Taxes h&r block online 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. Taxes h&r block online Once you make this choice, you cannot change it without permission from the Internal Revenue Service. Taxes h&r block online   If you claim an ordinary loss, report it as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. Taxes h&r block online The maximum amount you can claim is $20,000 ($10,000 if you are married filing separately) reduced by any expected state insurance proceeds. Taxes h&r block online Your loss is subject to the 2%-of-adjusted-gross-income limit. Taxes h&r block online You cannot choose to claim an ordinary loss if any part of the deposit is federally insured. Taxes h&r block online Nonbusiness bad debt. Taxes h&r block online   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. Taxes h&r block online How to report. Taxes h&r block online   The kind of deduction you choose for your loss on deposits determines how you report your loss. Taxes h&r block online If you choose: Casualty loss — report it on Form 4684 first and then on Schedule A (Form 1040). Taxes h&r block online Ordinary loss — report it on Schedule A (Form 1040) as a miscellaneous itemized deduction. Taxes h&r block online Nonbusiness bad debt — report it on Form 8949 first and then on Schedule D (Form 1040). Taxes h&r block online More information. Taxes h&r block online   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. Taxes h&r block online Proof of Loss To deduct a casualty or theft loss, you must be able to prove that you had a casualty or theft. Taxes h&r block online You also must be able to support the amount you take as a deduction. Taxes h&r block online Casualty loss proof. Taxes h&r block online   For a casualty loss, your records should show all the following. Taxes h&r block online The type of casualty (car accident, fire, storm, etc. Taxes h&r block online ) and when it occurred. Taxes h&r block online That the loss was a direct result of the casualty. Taxes h&r block online 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. Taxes h&r block online Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. Taxes h&r block online Theft loss proof. Taxes h&r block online   For a theft loss, your records should show all the following. Taxes h&r block online When you discovered that your property was missing. Taxes h&r block online That your property was stolen. Taxes h&r block online That you were the owner of the property. Taxes h&r block online Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. Taxes h&r block online It is important that you have records that will prove your deduction. Taxes h&r block online If you do not have the actual records to support your deduction, you can use other satisfactory evidence to support it. Taxes h&r block online Figuring a Loss Figure the amount of your loss using the following steps. Taxes h&r block online Determine your adjusted basis in the property before the casualty or theft. Taxes h&r block online Determine the decrease in fair market value of the property as a result of the casualty or theft. Taxes h&r block online From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. Taxes h&r block online 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. Taxes h&r block online Gain from reimbursement. Taxes h&r block online   If your reimbursement is more than your adjusted basis in the property, you have a gain. Taxes h&r block online This is true even if the decrease in the FMV of the property is smaller than your adjusted basis. Taxes h&r block online If you have a gain, you may have to pay tax on it, or you may be able to postpone reporting the gain. Taxes h&r block online See Publication 547 for more information on how to treat a gain from a reimbursement for a casualty or theft. Taxes h&r block online Leased property. Taxes h&r block online   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. Taxes h&r block online 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. Taxes h&r block online 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. Taxes h&r block online FMV of stolen property. Taxes h&r block online   The FMV of property immediately after a theft is considered to be zero, since you no longer have the property. Taxes h&r block online Example. Taxes h&r block online Several years ago, you purchased silver dollars at face value for $150. Taxes h&r block online This is your adjusted basis in the property. Taxes h&r block online Your silver dollars were stolen this year. Taxes h&r block online The FMV of the coins was $1,000 just before they were stolen, and insurance did not cover them. Taxes h&r block online Your theft loss is $150. Taxes h&r block online Recovered stolen property. Taxes h&r block online   Recovered stolen property is your property that was stolen and later returned to you. Taxes h&r block online 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. Taxes h&r block online Use this amount to refigure your total loss for the year in which the loss was deducted. Taxes h&r block online   If your refigured loss is less than the loss you deducted, you generally have to report the difference as income in the recovery year. Taxes h&r block online But report the difference only up to the amount of the loss that reduced your tax. Taxes h&r block online For more information on the amount to report, see Recoveries in chapter 12. Taxes h&r block online 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. Taxes h&r block online However, other measures can also be used to establish certain decreases. Taxes h&r block online Appraisal. Taxes h&r block online   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. Taxes h&r block online The appraiser must recognize the effects of any general market decline that may occur along with the casualty. Taxes h&r block online This information is needed to limit any deduction to the actual loss resulting from damage to the property. Taxes h&r block online   Several factors are important in evaluating the accuracy of an appraisal, including the following. Taxes h&r block online The appraiser's familiarity with your property before and after the casualty or theft. Taxes h&r block online The appraiser's knowledge of sales of comparable property in the area. Taxes h&r block online The appraiser's knowledge of conditions in the area of the casualty. Taxes h&r block online The appraiser's method of appraisal. Taxes h&r block online    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. Taxes h&r block online For more information on disasters, see Disaster Area Losses, in Pub. Taxes h&r block online 547. Taxes h&r block online Cost of cleaning up or making repairs. Taxes h&r block online   The cost of repairing damaged property is not part of a casualty loss. Taxes h&r block online Neither is the cost of cleaning up after a casualty. Taxes h&r block online 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. Taxes h&r block online The repairs are actually made. Taxes h&r block online The repairs are necessary to bring the property back to its condition before the casualty. Taxes h&r block online The amount spent for repairs is not excessive. Taxes h&r block online The repairs take care of the damage only. Taxes h&r block online The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. Taxes h&r block online Landscaping. Taxes h&r block online   The cost of restoring landscaping to its original condition after a casualty may indicate the decrease in FMV. Taxes h&r block online You may be able to measure your loss by what you spend on the following. Taxes h&r block online Removing destroyed or damaged trees and shrubs minus any salvage you receive. Taxes h&r block online Pruning and other measures taken to preserve damaged trees and shrubs. Taxes h&r block online Replanting necessary to restore the property to its approximate value before the casualty. Taxes h&r block online Car value. Taxes h&r block online    Books issued by various automobile organizations that list your car may be useful in figuring the value of your car. Taxes h&r block online 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. Taxes h&r block online 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. Taxes h&r block online If your car is not listed in the books, determine its value from other sources. Taxes h&r block online A dealer's offer for your car as a trade-in on a new car is not usually a measure of its true value. Taxes h&r block online 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. Taxes h&r block online Cost of protection. Taxes h&r block online   The cost of protecting your property against a casualty or theft is not part of a casualty or theft loss. Taxes h&r block online The amount you spend on insurance or to board up your house against a storm is not part of your loss. Taxes h&r block online   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. Taxes h&r block online An example would be the cost of a dike to prevent flooding. Taxes h&r block online Exception. Taxes h&r block online   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. Taxes h&r block online See Disaster Area Losses in Publication 547. Taxes h&r block online Incidental expenses. Taxes h&r block online   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. Taxes h&r block online Replacement cost. Taxes h&r block online   The cost of replacing stolen or destroyed property is not part of a casualty or theft loss. Taxes h&r block online Sentimental value. Taxes h&r block online   Do not consider sentimental value when determining your loss. Taxes h&r block online 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. Taxes h&r block online Decline in market value of property in or near casualty area. Taxes h&r block online   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. Taxes h&r block online You have a loss only for actual casualty damage to your property. Taxes h&r block online However, if your home is in a federally declared disaster area, see Disaster Area Losses in Publication 547. Taxes h&r block online Costs of photographs and appraisals. Taxes h&r block online    Photographs taken after a casualty will be helpful in establishing the condition and value of the property after it was damaged. Taxes h&r block online Photographs showing the condition of the property after it was repaired, restored, or replaced may also be helpful. Taxes h&r block online    Appraisals are used to figure the decrease in FMV because of a casualty or theft. Taxes h&r block online See Appraisal , earlier, under Figuring Decrease in FMV — Items To Consider, for information about appraisals. Taxes h&r block online   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. Taxes h&r block online You can claim these costs as a miscellaneous itemized deduction subject to the 2%-of-adjusted-gross-income limit on Schedule A (Form 1040). Taxes h&r block online For information about miscellaneous deductions, see chapter 28. Taxes h&r block online Adjusted Basis Adjusted basis is your basis in the property (usually cost) increased or decreased by various events, such as improvements and casualty losses. Taxes h&r block online For more information, see chapter 13. Taxes h&r block online 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. Taxes h&r block online You do not have a casualty or theft loss to the extent you are reimbursed. Taxes h&r block online If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. Taxes h&r block online You must reduce your loss even if you do not receive payment until a later tax year. Taxes h&r block online See Reimbursement Received After Deducting Loss , later. Taxes h&r block online Failure to file a claim for reimbursement. Taxes h&r block online   If your property is covered by insurance, you must file a timely insurance claim for reimbursement of your loss. Taxes h&r block online Otherwise, you cannot deduct this loss as a casualty or theft loss. Taxes h&r block online However, this rule does not apply to the portion of the loss not covered by insurance (for example, a deductible). Taxes h&r block online Example. Taxes h&r block online You have a car insurance policy with a $1,000 deductible. Taxes h&r block online 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). Taxes h&r block online This is true even if you do not file an insurance claim, because your insurance policy would never have reimbursed you for the deductible. Taxes h&r block online Types of Reimbursements The most common type of reimbursement is an insurance payment for your stolen or damaged property. Taxes h&r block online Other types of reimbursements are discussed next. Taxes h&r block online Also see the Instructions for Form 4684. Taxes h&r block online Employer's emergency disaster fund. Taxes h&r block online   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. Taxes h&r block online Take into consideration only the amount you used to replace your destroyed or damaged property. Taxes h&r block online Example. Taxes h&r block online Your home was extensively damaged by a tornado. Taxes h&r block online Your loss after reimbursement from your insurance company was $10,000. Taxes h&r block online Your employer set up a disaster relief fund for its employees. Taxes h&r block online Employees receiving money from the fund had to use it to rehabilitate or replace their damaged or destroyed property. Taxes h&r block online You received $4,000 from the fund and spent the entire amount on repairs to your home. Taxes h&r block online In figuring your casualty loss, you must reduce your unreimbursed loss ($10,000) by the $4,000 you received from your employer's fund. Taxes h&r block online Your casualty loss before applying the deduction limits discussed later is $6,000. Taxes h&r block online Cash gifts. Taxes h&r block online   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. Taxes h&r block online This applies even if you use the money to pay for repairs to property damaged in the disaster. Taxes h&r block online Example. Taxes h&r block online Your home was damaged by a hurricane. Taxes h&r block online Relatives and neighbors made cash gifts to you that were excludable from your income. Taxes h&r block online You used part of the cash gifts to pay for repairs to your home. Taxes h&r block online There were no limits or restrictions on how you could use the cash gifts. Taxes h&r block online 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. Taxes h&r block online Insurance payments for living expenses. Taxes h&r block online   You do not reduce your casualty loss by insurance payments you receive to cover living expenses in either of the following situations. Taxes h&r block online You lose the use of your main home because of a casualty. Taxes h&r block online Government authorities do not allow you access to your main home because of a casualty or threat of one. Taxes h&r block online Inclusion in income. Taxes h&r block online   If these insurance payments are more than the temporary increase in your living expenses, you must include the excess in your income. Taxes h&r block online Report this amount on Form 1040, line 21. Taxes h&r block online However, if the casualty occurs in a federally declared disaster area, none of the insurance payments are taxable. Taxes h&r block online See Qualified disaster relief payments, under Disaster Area Losses in Publication 547. Taxes h&r block online   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. Taxes h&r block online Actual living expenses are the reasonable and necessary expenses incurred because of the loss of your main home. Taxes h&r block online Generally, these expenses include the amounts you pay for the following. Taxes h&r block online Rent for suitable housing. Taxes h&r block online Transportation. Taxes h&r block online Food. Taxes h&r block online Utilities. Taxes h&r block online Miscellaneous services. Taxes h&r block online 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. Taxes h&r block online Example. Taxes h&r block online As a result of a fire, you vacated your apartment for a month and moved to a motel. Taxes h&r block online You normally pay $525 a month for rent. Taxes h&r block online None was charged for the month the apartment was vacated. Taxes h&r block online Your motel rent for this month was $1,200. Taxes h&r block online You normally pay $200 a month for food. Taxes h&r block online Your food expenses for the month you lived in the motel were $400. Taxes h&r block online You received $1,100 from your insurance company to cover your living expenses. Taxes h&r block online You determine the payment you must include in income as follows. Taxes h&r block online 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. Taxes h&r block online   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. Taxes h&r block online Example. Taxes h&r block online Your main home was destroyed by a tornado in August 2011. Taxes h&r block online You regained use of your home in November 2012. Taxes h&r block online The insurance payments you received in 2011 and 2012 were $1,500 more than the temporary increase in your living expenses during those years. Taxes h&r block online You include this amount in income on your 2012 Form 1040. Taxes h&r block online 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. Taxes h&r block online Disaster relief. Taxes h&r block online   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. Taxes h&r block online Qualified disaster relief payments you receive for expenses you incurred as a result of a federally declared disaster are not taxable income to you. Taxes h&r block online For more information, see Disaster Area Losses in Publication 547. Taxes h&r block online Disaster unemployment assistance payments are unemployment benefits that are taxable. Taxes h&r block online Generally, disaster relief grants and qualified disaster mitigation payments made under the Robert T. Taxes h&r block online 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. Taxes h&r block online See Disaster Area Losses in Publication 547. Taxes h&r block online 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. Taxes h&r block online This section explains the adjustment you may have to make. Taxes h&r block online Actual reimbursement less than expected. Taxes h&r block online   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. Taxes h&r block online Example. Taxes h&r block online Your personal car had an FMV of $2,000 when it was destroyed in a collision with another car in 2012. Taxes h&r block online The accident was due to the negligence of the other driver. Taxes h&r block online At the end of 2012, there was a reasonable prospect that the owner of the other car would reimburse you in full. Taxes h&r block online You did not have a deductible loss in 2012. Taxes h&r block online In January 2013, the court awarded you a judgment of $2,000. Taxes h&r block online However, in July it became apparent that you will be unable to collect any amount from the other driver. Taxes h&r block online You can deduct the loss in 2013 subject to the limits discussed later. Taxes h&r block online Actual reimbursement more than expected. Taxes h&r block online   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. Taxes h&r block online 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. Taxes h&r block online You do not refigure your tax for the year you claimed the deduction. Taxes h&r block online For more information, see Recoveries in chapter 12. Taxes h&r block online 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. Taxes h&r block online 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. Taxes h&r block online Include the gain as ordinary income up to the amount of your deduction that reduced your tax for the earlier year. Taxes h&r block online See Figuring a Gain in Publication 547 for more information on how to treat a gain from the reimbursement of a casualty or theft. Taxes h&r block online Actual reimbursement same as expected. Taxes h&r block online   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. Taxes h&r block online Example. Taxes h&r block online In December 2013, you had a collision while driving your personal car. Taxes h&r block online Repairs to the car cost $950. Taxes h&r block online You had $100 deductible collision insurance. Taxes h&r block online Your insurance company agreed to reimburse you for the rest of the damage. Taxes h&r block online Because you expected a reimbursement from the insurance company, you did not have a casualty loss deduction in 2013. Taxes h&r block online Due to the $100 rule (discussed later under Deduction Limits ), you cannot deduct the $100 you paid as the deductible. Taxes h&r block online When you receive the $850 from the insurance company in 2014, do not report it as income. Taxes h&r block online Single Casualty on Multiple Properties Personal property. Taxes h&r block online   Personal property is any property that is not real property. Taxes h&r block online 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. Taxes h&r block online Then combine these separate losses to figure the total loss from that casualty or theft. Taxes h&r block online Example. Taxes h&r block online A fire in your home destroyed an upholstered chair, an oriental rug, and an antique table. Taxes h&r block online You did not have fire insurance to cover your loss. Taxes h&r block online (This was the only casualty or theft you had during the year. Taxes h&r block online ) You paid $750 for the chair and you established that it had an FMV of $500 just before the fire. Taxes h&r block online The rug cost $3,000 and had an FMV of $2,500 just before the fire. Taxes h&r block online You bought the table at an auction for $100 before discovering it was an antique. Taxes h&r block online It had been appraised at $900 before the fire. Taxes h&r block online 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. Taxes h&r block online   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. Taxes h&r block online Figure the loss using the smaller of the adjusted basis or the decrease in FMV of the entire property. Taxes h&r block online Example. Taxes h&r block online You bought your home a few years ago. Taxes h&r block online You paid $160,000 ($20,000 for the land and $140,000 for the house). Taxes h&r block online You also spent $2,000 for landscaping. Taxes h&r block online This year a fire destroyed your home. Taxes h&r block online The fire also damaged the shrubbery and trees in your yard. Taxes h&r block online The fire was your only casualty or theft loss this year. Taxes h&r block online Competent appraisers valued the property as a whole at $200,000 before the fire, but only $30,000 after the fire. Taxes h&r block online (The loss to your household furnishings is not shown in this example. Taxes h&r block online It would be figured separately on each item, as explained earlier under Personal property . Taxes h&r block online ) Shortly after the fire, the insurance company paid you $155,000 for the loss. Taxes h&r block online 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. Taxes h&r block online 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. Taxes h&r block online You must reduce each casualty or theft loss by $100 ($100 rule). Taxes h&r block online You must further reduce the total of all your casualty or theft losses by 10% of your adjusted gross income (10% rule). Taxes h&r block online You make these reductions on Form 4684. Taxes h&r block online These rules are explained next and Table 25-1 summarizes how to apply the $100 rule and the 10% rule in various situations. Taxes h&r block online For more detailed explanations and examples, see Publication 547. Taxes h&r block online Table 25-1. Taxes h&r block online 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. Taxes h&r block online Apply this rule after you have figured the amount of your loss. Taxes h&r block online You must reduce your total casualty or theft loss by 10% of your adjusted gross income. Taxes h&r block online Apply this rule after you reduce each loss by $100 (the $100 rule). Taxes h&r block online Single Event Apply this rule only once, even if many pieces of property are affected. Taxes h&r block online Apply this rule only once, even if many pieces of property are affected. Taxes h&r block online More Than One Event Apply to the loss from each event. Taxes h&r block online Apply to the total of all your losses from all events. Taxes h&r block online More Than One Person— With Loss From the Same Event (other than a married couple filing jointly) Apply separately to each person. Taxes h&r block online Apply separately to each person. Taxes h&r block online Married Couple—With Loss From the Same Event Filing Jointly Apply as if you were one person. Taxes h&r block online Apply as if you were one person. Taxes h&r block online Filing Separately Apply separately to each spouse. Taxes h&r block online Apply separately to each spouse. Taxes h&r block online More Than One Owner (other than a married couple filing jointly) Apply separately to each owner of jointly owned property. Taxes h&r block online Apply separately to each owner of jointly owned property. Taxes h&r block online Property used partly for business and partly for personal purposes. Taxes h&r block online   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. Taxes h&r block online 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. Taxes h&r block online $100 Rule After you have figured your casualty or theft loss on personal-use property, you must reduce that loss by $100. Taxes h&r block online This reduction applies to each total casualty or theft loss. Taxes h&r block online It does not matter how many pieces of property are involved in an event. Taxes h&r block online Only a single $100 reduction applies. Taxes h&r block online Example. Taxes h&r block online A hailstorm damages your home and your car. Taxes h&r block online Determine the amount of loss, as discussed earlier, for each of these items. Taxes h&r block online Since the losses are due to a single event, you combine the losses and reduce the combined amount by $100. Taxes h&r block online Single event. Taxes h&r block online   Generally, events closely related in origin cause a single casualty. Taxes h&r block online 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. Taxes h&r block online 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. Taxes h&r block online Apply this rule after you reduce each loss by $100. Taxes h&r block online For more information, see the Form 4684 instructions. Taxes h&r block online If you have both gains and losses from casualties or thefts, see Gains and losses , later in this discussion. Taxes h&r block online Example 1. Taxes h&r block online In June, you discovered that your house had been burglarized. Taxes h&r block online Your loss after insurance reimbursement was $2,000. Taxes h&r block online Your adjusted gross income for the year you discovered the theft is $29,500. Taxes h&r block online You first apply the $100 rule and then the 10% rule. Taxes h&r block online Figure your theft loss deduction as follows. Taxes h&r block online 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). Taxes h&r block online Example 2. Taxes h&r block online In March, you had a car accident that totally destroyed your car. Taxes h&r block online You did not have collision insurance on your car, so you did not receive any insurance reimbursement. Taxes h&r block online Your loss on the car was $1,800. Taxes h&r block online In November, a fire damaged your basement and totally destroyed the furniture, washer, dryer, and other items stored there. Taxes h&r block online Your loss on the basement items after reimbursement was $2,100. Taxes h&r block online Your adjusted gross income for the year that the accident and fire occurred is $25,000. Taxes h&r block online You figure your casualty loss deduction as follows. Taxes h&r block online       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. Taxes h&r block online   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. Taxes h&r block online 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. Taxes h&r block online Casualty or theft gains do not include gains you choose to postpone. Taxes h&r block online See Publication 547 for information on the postponement of gain. Taxes h&r block online Losses more than gains. Taxes h&r block online   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. Taxes h&r block online The rest, if any, is your deductible loss from personal-use property. Taxes h&r block online Gains more than losses. Taxes h&r block online   If your recognized gains are more than your losses, subtract your losses from your gains. Taxes h&r block online The difference is treated as capital gain and must be reported on Schedule D (Form 1040). Taxes h&r block online The 10% rule does not apply to your gains. Taxes h&r block online When To Report Gains and Losses Gains. Taxes h&r block online   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. Taxes h&r block online 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. Taxes h&r block online If you have a loss, see Table 25-2 . Taxes h&r block online Table 25-2. Taxes h&r block online When To Deduct a Loss IF you have a loss. Taxes h&r block online . Taxes h&r block online . Taxes h&r block online THEN deduct it in the year. Taxes h&r block online . Taxes h&r block online . Taxes h&r block online from a casualty, the loss occurred. Taxes h&r block online in a federally declared disaster area, the disaster occurred or the year immediately before the disaster. Taxes h&r block online from a theft, the theft was discovered. Taxes h&r block online on a deposit treated as a:   • casualty or any ordinary loss, a reasonable estimate can be made. Taxes h&r block online • bad debt, deposits are totally worthless. Taxes h&r block online Losses. Taxes h&r block online   Generally, you can deduct a casualty loss that is not reimbursable only in the tax year in which the casualty occurred. Taxes h&r block online This is true even if you do not repair or replace the damaged property until a later year. Taxes h&r block online   You can deduct theft losses that are not reimbursable only in the year you discover your property was stolen. Taxes h&r block online   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. Taxes h&r block online Loss on deposits. Taxes h&r block online   If your loss is a loss on deposits in an insolvent or bankrupt financial institution, see Loss on Deposits , earlier. Taxes h&r block online Disaster Area Loss You generally must deduct a casualty loss in the year it occurred. Taxes h&r block online 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. Taxes h&r block online The year the disaster occurred. Taxes h&r block online The year immediately preceding the year the disaster occurred. Taxes h&r block online Gains. Taxes h&r block online    Special rules apply if you choose to postpone reporting gain on property damaged or destroyed in a federally declared disaster area. Taxes h&r block online For those special rules, see Publication 547. Taxes h&r block online Postponed tax deadlines. Taxes h&r block online   The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. Taxes h&r block online 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. Taxes h&r block online   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). Taxes h&r block online Go to www. Taxes h&r block online irs. Taxes h&r block online gov/uac/Tax-Relief-in-Disaster-Situations to find out if a tax deadline has been postponed for your area. Taxes h&r block online Who is eligible. Taxes h&r block online   If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement. Taxes h&r block online Any individual whose main home is located in a covered disaster area (defined next). Taxes h&r block online Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. Taxes h&r block online Any individual who is a relief worker affiliated with a recognized government or philanthropic organization who is assisting in a covered disaster area. Taxes h&r block online 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. Taxes h&r block online The main home or principal place of business does not have to be located in the covered disaster area. Taxes h&r block online 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. Taxes h&r block online The spouse on a joint return with a taxpayer who is eligible for postponements. Taxes h&r block online 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. Taxes h&r block online Any individual visiting the covered disaster area who was killed or injured as a result of the disaster. Taxes h&r block online Any other person determined by the IRS to be affected by a federally declared disaster. Taxes h&r block online Covered disaster area. Taxes h&r block online   This is an area of a federally declared disaster in which the IRS has decided to postpone tax deadlines for up to 1 year. Taxes h&r block online Abatement of interest and penalties. Taxes h&r block online   The IRS may abate the interest and penalties on underpaid income tax for the length of any postponement of tax deadlines. Taxes h&r block online More information. Taxes h&r block online   For more information, see Disaster Area Losses in Publication 547. Taxes h&r block online How To Report Gains and Losses Use Form 4684 to report a gain or a deductible loss from a casualty or theft. Taxes h&r block online If you have more than one casualty or theft, use a separate Form 4684 to determine your gain or loss for each event. Taxes h&r block online Combine the gains and losses on one Form 4684. Taxes h&r block online Follow the form instructions as to which lines to fill out. Taxes h&r block online In addition, you must use the appropriate schedule to report a gain or loss. Taxes h&r block online The schedule you use depends on whether you have a gain or loss. Taxes h&r block online If you have a: Report it on: Gain Schedule D (Form 1040) Loss Schedule A (Form 1040) Adjustments to basis. Taxes h&r block online   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. Taxes h&r block online Amounts you spend to restore your property after a casualty increase your adjusted basis. Taxes h&r block online See Adjusted Basis in chapter 13 for more information. Taxes h&r block online Net operating loss (NOL). Taxes h&r block online    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. Taxes h&r block online 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. Taxes h&r block online Or, you can use it to lower your tax in a later year. Taxes h&r block online You do not have to be in business to have an NOL from a casualty or theft loss. Taxes h&r block online For more information, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. Taxes h&r block online Prev  Up  Next   Home   More Online Publications