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How Do I File Taxes From 2009

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How Do I File Taxes From 2009

How do i file taxes from 2009 Publication 225 - Introductory Material Table of Contents IntroductionOrdering forms and publications. How do i file taxes from 2009 Tax questions. How do i file taxes from 2009 Future Developments What's New for 2013 What's New for 2014 Reminders Introduction You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. How do i file taxes from 2009 A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. How do i file taxes from 2009 It also includes plantations, ranches, ranges, and orchards. How do i file taxes from 2009 This publication explains how the federal tax laws apply to farming. How do i file taxes from 2009 Use this publication as a guide to figure your taxes and complete your farm tax return. How do i file taxes from 2009 If you need more information on a subject, get the specific IRS tax publication covering that subject. How do i file taxes from 2009 We refer to many of these free publications throughout this publication. How do i file taxes from 2009 See chapter 16 for information on ordering these publications. How do i file taxes from 2009 The explanations and examples in this publication reflect the Internal Revenue Service's interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. How do i file taxes from 2009 However, the information given does not cover every situation and is not intended to replace the law or change its meaning. How do i file taxes from 2009 This publication covers subjects on which a court may have made a decision more favorable to taxpayers than the interpretation of the Service. How do i file taxes from 2009 Until these differing interpretations are resolved by higher court decisions, or in some other way, this publication will continue to present the interpretation of the Service. How do i file taxes from 2009 The IRS Mission. How do i file taxes from 2009   Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. How do i file taxes from 2009 Comments and suggestions. How do i file taxes from 2009   We welcome your comments about this publication and your suggestions for future editions. How do i file taxes from 2009   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. How do i file taxes from 2009 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How do i file taxes from 2009 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How do i file taxes from 2009   You can email us at taxforms@irs. How do i file taxes from 2009 gov. How do i file taxes from 2009 Please put “Publications Comment” on the subject line. How do i file taxes from 2009 You can also send us comments from www. How do i file taxes from 2009 irs. How do i file taxes from 2009 gov/formspubs/, select “Comment on Tax Forms and Publications” under “More Information. How do i file taxes from 2009 ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How do i file taxes from 2009 Ordering forms and publications. How do i file taxes from 2009   Visit www. How do i file taxes from 2009 irs. How do i file taxes from 2009 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. How do i file taxes from 2009 Internal Revenue Service 1201 N. How do i file taxes from 2009 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How do i file taxes from 2009   If you have a tax question, check the information available on IRS. How do i file taxes from 2009 gov or call 1-800-829-1040. How do i file taxes from 2009 We cannot answer tax questions sent to either of the above addresses. How do i file taxes from 2009 Comments on IRS enforcement actions. How do i file taxes from 2009   The Small Business and Agricultural Regulatory Enforcement Ombudsman and 10 Regional Fairness Boards were established to receive comments from small business about federal agency enforcement actions. How do i file taxes from 2009 The Ombudsman will annually evaluate the enforcement activities of each agency and rate its responsiveness to small business. How do i file taxes from 2009 If you wish to comment on the enforcement actions of the IRS, you can: Call 1-888-734-3247, Fax your comments to 202-481-5719, Write to Office of the National Ombudsman U. How do i file taxes from 2009 S. How do i file taxes from 2009 Small Business Administration 409 3rd Street, S. How do i file taxes from 2009 W. How do i file taxes from 2009  Washington, DC 20416 Send an email to ombudsman@sba. How do i file taxes from 2009 gov, or Download the appraisal form at  www. How do i file taxes from 2009 sba. How do i file taxes from 2009 gov/ombudsman. How do i file taxes from 2009 Treasury Inspector General for Tax Administration. How do i file taxes from 2009   If you want to confidentially report misconduct, waste, fraud, or abuse by an IRS employee, you can call 1-800-366-4484 (1-800-877-8339 for TTY/TDD users). How do i file taxes from 2009 You can remain anonymous. How do i file taxes from 2009 Farm tax classes. How do i file taxes from 2009   Many state Cooperative Extension Services conduct farm tax workshops in conjunction with the IRS. How do i file taxes from 2009 Contact your county extension office for more information. How do i file taxes from 2009 Rural tax education website. How do i file taxes from 2009   The Rural Tax Education website is a source for information concerning agriculturally related income and deductions and self-employment tax. How do i file taxes from 2009 The website is available for farmers and ranchers, other agricultural producers, Extension educators, and any one interested in learning about the tax side of the agricultural community. How do i file taxes from 2009 Members of the National Farm Income Tax Extension Committee are contributors for the website and the website is hosted by Utah State University Cooperative Extension. How do i file taxes from 2009 You can visit the website at www. How do i file taxes from 2009 ruraltax. How do i file taxes from 2009 org. How do i file taxes from 2009 Future Developments The IRS has created a page on IRS. How do i file taxes from 2009 gov for information about Publication 225, at  www. How do i file taxes from 2009 irs. How do i file taxes from 2009 gov/pub225. How do i file taxes from 2009 Information about recent developments affecting Publication 225 will be posted on that page. How do i file taxes from 2009 What's New for 2013 The following items highlight a number of administrative and tax law changes for 2013. How do i file taxes from 2009 They are discussed in more detail throughout the publication. How do i file taxes from 2009 Standard mileage rate. How do i file taxes from 2009  For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. How do i file taxes from 2009 5 cents. How do i file taxes from 2009 See chapter 4. How do i file taxes from 2009 Simplified method for business use of home deduction. How do i file taxes from 2009  The IRS now provides a simplified method to determine your expenses for business use of your home. How do i file taxes from 2009 For more information, see Schedule C (Form 1040), Part II, and its instructions. How do i file taxes from 2009 See chapter 4. How do i file taxes from 2009 Increased section 179 expense deduction dollar limits. How do i file taxes from 2009  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000. How do i file taxes from 2009 This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. How do i file taxes from 2009 See chapter 7. How do i file taxes from 2009 Extension of special depreciation allowance for certain qualified property acquired after December 31, 2007. How do i file taxes from 2009  You may be able to take a 50% special depreciation allowance for certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. How do i file taxes from 2009 See chapter 7. How do i file taxes from 2009 Expiration of the 3-year recovery period for certain race horses. How do i file taxes from 2009 . How do i file taxes from 2009  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. How do i file taxes from 2009 See chapter 7. How do i file taxes from 2009 Tax rates. How do i file taxes from 2009  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. How do i file taxes from 2009 4% to 12. How do i file taxes from 2009 4%. How do i file taxes from 2009 As a result, the self-employment tax is increased from 13. How do i file taxes from 2009 3% to 15. How do i file taxes from 2009 3%. How do i file taxes from 2009 See chapter 12. How do i file taxes from 2009 Maximum net earnings. How do i file taxes from 2009  The maximum net self-employment earnings subject to the social security part (12. How do i file taxes from 2009 4%) of the self-employment tax increased to $113,700 for 2013. How do i file taxes from 2009 There is no maximum limit on earnings subject to the Medicare part (2. How do i file taxes from 2009 9%). How do i file taxes from 2009 See chapter 12. How do i file taxes from 2009 Net investment income tax. How do i file taxes from 2009  For tax years beginning in 2013, individuals, estates, and trusts may be subject to the net investment income tax (NIIT). How do i file taxes from 2009 If you are a trader in financial instruments and commodities and required to file Schedule C (Form 1040), your investment income (for purposes of the NIIT) may be reduced by your interest and other investment expenses to the extent those expenses are not used to reduce your self-employment income. How do i file taxes from 2009 For information about NIIT and the special rule for traders in financial instruments and commodities, see the Instructions for Form 8960. How do i file taxes from 2009 Social Security and Medicare Tax for 2013. How do i file taxes from 2009  The employee tax rate for social security is 6. How do i file taxes from 2009 2%. How do i file taxes from 2009 The employer tax rate for social security remains unchanged at 6. How do i file taxes from 2009 2%. How do i file taxes from 2009 The social security wage base limit is $113,700. How do i file taxes from 2009 The Medicare tax rate is 1. How do i file taxes from 2009 45% each for the employee and employer, unchanged from 2012. How do i file taxes from 2009 There is no wage base limit for Medicare tax. How do i file taxes from 2009 See chapter 13. How do i file taxes from 2009 Additional Medicare Tax. How do i file taxes from 2009  For tax years beginning in 2013, a 0. How do i file taxes from 2009 9% Additional Medicare Tax applies to your Medicare wages, Railroad Tax Act (RRTA) compensation, and self-employment income above a threshold amount. How do i file taxes from 2009 Use Form 8959, Additional Medicare Tax, to figure this tax. How do i file taxes from 2009 For more information, see the Instructions for Form 8959 and the Instructions for Schedule SE (Form 1040). How do i file taxes from 2009 In addition to withholding Medicare tax at 1. How do i file taxes from 2009 45%, you must withhold a 0. How do i file taxes from 2009 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. How do i file taxes from 2009 You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. How do i file taxes from 2009 Additional Medicare Tax is only imposed on the employee. How do i file taxes from 2009 There is no employer share of Additional Medicare Tax. How do i file taxes from 2009 All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. How do i file taxes from 2009 For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. How do i file taxes from 2009 For more information on Additional Medicare Tax, visit IRS. How do i file taxes from 2009 gov and enter “Additional Medicare Tax” in the search box. How do i file taxes from 2009 See chapter 13. How do i file taxes from 2009 Leave-Based donation programs to aid victims of Hurricane Sandy. How do i file taxes from 2009  Under these programs, employees may donate their vacation, sick, or personal leave in exchange for employer cash payments made before January 1, 2014, to qualified tax-exempt organizations providing relief for the victims of Hurricane Sandy. How do i file taxes from 2009 The donated leave will not be included in the income or wages of the employee. How do i file taxes from 2009 The employer may deduct the cash payments as business expenses or charitable contributions. How do i file taxes from 2009 See chapter 13. How do i file taxes from 2009 Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans extended. How do i file taxes from 2009  The work opportunity tax credit is now available for eligible unemployed veterans who begin work before January 1, 2014. How do i file taxes from 2009 Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. How do i file taxes from 2009 For more information, visit IRS. How do i file taxes from 2009 gov and enter “work opportunity credit” in the search box. How do i file taxes from 2009 See chapter 13. How do i file taxes from 2009 Estimated tax. How do i file taxes from 2009  For tax years beginning in 2013, the Net Investment Income Tax (NIIT) may need to be included when calculating your estimated tax. How do i file taxes from 2009 Also, when figuring your estimated tax, you may need to include the 0. How do i file taxes from 2009 9% Additional Medicare Tax applicable to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above the threshold amount based on your filing status. How do i file taxes from 2009 For more information, see Publication 505. How do i file taxes from 2009 What's New for 2014 Maximum net earnings. How do i file taxes from 2009  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. How do i file taxes from 2009 See chapter 12. How do i file taxes from 2009 Social security and Medicare tax for 2014. How do i file taxes from 2009  The employee and employer tax rates for social security and the maximum amount of wages subject to social security tax for 2014 will be discussed in Publication 51 (Circular A), Agricultural Employer's Tax Guide (For use in 2014). How do i file taxes from 2009 The Medicare tax rate for 2014 will also be discussed in Publication 51 (Circular A) (For use in 2014). How do i file taxes from 2009 There is no limit on the amount of wages subject to Medicare tax. How do i file taxes from 2009 See chapter 13. How do i file taxes from 2009 Reminders The following reminders and other items may help you file your tax return. How do i file taxes from 2009   IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. How do i file taxes from 2009 The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. How do i file taxes from 2009 You can use one of the following IRS e-file options. How do i file taxes from 2009 Use an authorized IRS e-file provider. How do i file taxes from 2009 Use a personal computer. How do i file taxes from 2009 Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. How do i file taxes from 2009 For details on these fast filing methods, see your income tax package. How do i file taxes from 2009 Principal agricultural activity codes. How do i file taxes from 2009  You must enter on line B of Schedule F (Form 1040) a code that identifies your principal agricultural activity. How do i file taxes from 2009 It is important to use the correct code because this information will identify market segments of the public for IRS Taxpayer Education programs. How do i file taxes from 2009 The U. How do i file taxes from 2009 S. How do i file taxes from 2009 Census Bureau also uses this information for its economic census. How do i file taxes from 2009 See the list of Principal Agricultural Activity Codes on page 2 of Schedule F (Form 1040). How do i file taxes from 2009 Publication on employer identification numbers (EIN). How do i file taxes from 2009  Publication 1635, Understanding Your Employer Identification Number, provides general information on employer identification numbers. How do i file taxes from 2009 Topics include how to apply for an EIN and how to complete Form SS-4. How do i file taxes from 2009 Change of address. How do i file taxes from 2009  If you change your home address, you should use Form 8822, Change of Addres, to notify the IRS. How do i file taxes from 2009 If you change your business address, you should use Form 8822-B, Change of Address or Responsible Party — Business, to notify the IRS. How do i file taxes from 2009 Be sure to include your suite, room, or other unit number. How do i file taxes from 2009 Reportable transactions. How do i file taxes from 2009  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. How do i file taxes from 2009 You may have to pay a penalty if you are required to file Form 8886 but do not do so. How do i file taxes from 2009 Reportable transactions include (1) transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, (2) transactions offered to you under conditions of confidentiality and for which you paid an advisor a minimum fee, (3) transactions for which you have or a related party has a right to a full or partial refund of fees if all or part of the intended tax consequences from the transaction are not sustained, (4) transactions that result in losses of at least $2 million in any single year or $4 million in any combination of years, and (5) transactions with asset holding periods of 45 days or less and that result in a tax credit of more than $250,000. How do i file taxes from 2009 For more information, see the Instructions for Form 8886. How do i file taxes from 2009 Form W-4 for 2014. How do i file taxes from 2009  You should make new Forms W-4 available to your employees and encourage them to check their income tax withholding for 2014. How do i file taxes from 2009 Those employees who owed a large amount of tax or received a large refund for 2013 may need to submit a new Form W-4. How do i file taxes from 2009 See Publication 919, How Do I Adjust My Tax Withholding. How do i file taxes from 2009 Form 1099-MISC. How do i file taxes from 2009  Generally, file Form 1099-MISC if you pay at least $600 in rents, services, and other miscellaneous payments in your farming business to an individual (for example, an accountant, an attorney, or a veterinarian) who is not your employee. How do i file taxes from 2009 Limited Liability Company (LLC). How do i file taxes from 2009  For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. How do i file taxes from 2009 Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. How do i file taxes from 2009 An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. How do i file taxes from 2009 7701-3. How do i file taxes from 2009 See Publication 3402 for more details. How do i file taxes from 2009 Photographs of missing children. How do i file taxes from 2009  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How do i file taxes from 2009 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How do i file taxes from 2009 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How do i file taxes from 2009 Prev  Up  Next   Home   More Online Publications
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The How Do I File Taxes From 2009

How do i file taxes from 2009 Publication 547 - Main Content Table of Contents CasualtyFamily pet. How do i file taxes from 2009 Progressive deterioration. How do i file taxes from 2009 Special Procedure for Damage From Corrosive Drywall Theft Loss on Deposits Proof of Loss Figuring a LossGain from reimbursement. How do i file taxes from 2009 Business or income-producing property. How do i file taxes from 2009 Loss of inventory. How do i file taxes from 2009 Leased property. How do i file taxes from 2009 Exception for personal-use real property. How do i file taxes from 2009 Decrease in Fair Market Value Adjusted Basis Insurance and Other Reimbursements Deduction Limits2% Rule $100 Rule 10% Rule Figuring the Deduction Figuring a GainPostponement of Gain When To Report Gains and LossesLoss on deposits. How do i file taxes from 2009 Lessee's loss. How do i file taxes from 2009 Disaster Area LossesDisaster loss to inventory. How do i file taxes from 2009 Main home in disaster area. How do i file taxes from 2009 Unsafe home. How do i file taxes from 2009 Time limit for making choice. How do i file taxes from 2009 Revoking your choice. How do i file taxes from 2009 Figuring the loss deduction. How do i file taxes from 2009 How to report the loss on Form 1040X. How do i file taxes from 2009 Records. How do i file taxes from 2009 Need a copy of your tax return for the preceding year? Postponed Tax Deadlines Contacting the Federal Emergency Management Agency (FEMA) How To Report Gains and LossesProperty held 1 year or less. How do i file taxes from 2009 Property held more than 1 year. How do i file taxes from 2009 Depreciable property. How do i file taxes from 2009 Adjustments to Basis If Deductions Are More Than Income How To Get Tax HelpLow Income Taxpayer Clinics Casualty A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. How do i file taxes from 2009 A sudden event is one that is swift, not gradual or progressive. How do i file taxes from 2009 An unexpected event is one that is ordinarily unanticipated and unintended. How do i file taxes from 2009 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. How do i file taxes from 2009 Generally, casualty losses are deductible during the taxable year that the loss occurred. How do i file taxes from 2009 See Table 3, later. How do i file taxes from 2009 Deductible losses. How do i file taxes from 2009   Deductible casualty losses can result from a number of different causes, including the following. How do i file taxes from 2009 Car accidents (but see Nondeductible losses , next, for exceptions). How do i file taxes from 2009 Earthquakes. How do i file taxes from 2009 Fires (but see Nondeductible losses , next, for exceptions). How do i file taxes from 2009 Floods. How do i file taxes from 2009 Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses , later. How do i file taxes from 2009 Mine cave-ins. How do i file taxes from 2009 Shipwrecks. How do i file taxes from 2009 Sonic booms. How do i file taxes from 2009 Storms, including hurricanes and tornadoes. How do i file taxes from 2009 Terrorist attacks. How do i file taxes from 2009 Vandalism. How do i file taxes from 2009 Volcanic eruptions. How do i file taxes from 2009 Nondeductible losses. How do i file taxes from 2009   A casualty loss is not deductible if the damage or destruction is caused by the following. How do i file taxes from 2009 Accidentally breaking articles such as glassware or china under normal conditions. How do i file taxes from 2009 A family pet (explained below). How do i file taxes from 2009 A fire if you willfully set it, or pay someone else to set it. How do i file taxes from 2009 A car accident if your willful negligence or willful act caused it. How do i file taxes from 2009 The same is true if the willful act or willful negligence of someone acting for you caused the accident. How do i file taxes from 2009 Progressive deterioration (explained below). How do i file taxes from 2009 However, see Special Procedure for Damage From Corrosive Drywall , later. How do i file taxes from 2009 Family pet. How do i file taxes from 2009   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. How do i file taxes from 2009 Example. How do i file taxes from 2009 Your antique oriental rug was damaged by your new puppy before it was housebroken. How do i file taxes from 2009 Because the damage was not unexpected and unusual, the loss is not deductible as a casualty loss. How do i file taxes from 2009 Progressive deterioration. How do i file taxes from 2009   Loss of property due to progressive deterioration is not deductible as a casualty loss. How do i file taxes from 2009 This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. How do i file taxes from 2009 The following are examples of damage due to progressive deterioration. How do i file taxes from 2009 The steady weakening of a building due to normal wind and weather conditions. How do i file taxes from 2009 The deterioration and damage to a water heater that bursts. How do i file taxes from 2009 However, the rust and water damage to rugs and drapes caused by the bursting of a water heater does qualify as a casualty. How do i file taxes from 2009 Most losses of property caused by droughts. How do i file taxes from 2009 To be deductible, a drought-related loss generally must be incurred in a trade or business or in a transaction entered into for profit. How do i file taxes from 2009 Termite or moth damage. How do i file taxes from 2009 The damage or destruction of trees, shrubs, or other plants by a fungus, disease, insects, worms, or similar pests. How do i file taxes from 2009 However, a sudden destruction due to an unexpected or unusual infestation of beetles or other insects may result in a casualty loss. How do i file taxes from 2009 Special Procedure for Damage From Corrosive Drywall Under a special procedure, you can deduct the amounts you paid to repair damage to your home and household appliances due to corrosive drywall. How do i file taxes from 2009 Under this procedure, you treat the amounts paid for repairs as a casualty loss in the year of payment. How do i file taxes from 2009 For example, amounts you paid for repairs in 2013 are deductible on your 2013 tax return and amounts you paid for repairs in 2012 are deductible on your 2012 tax return. How do i file taxes from 2009 Note. How do i file taxes from 2009 If you paid for any repairs before 2013 and you choose to follow this special procedure, you can amend your return for the earlier year by filing Form 1040X, Amended U. How do i file taxes from 2009 S. How do i file taxes from 2009 Individual Income Tax Return, and attaching a completed Form 4684 for the appropriate year. How do i file taxes from 2009 Form 4684 for the appropriate year can be found at IRS. How do i file taxes from 2009 gov. How do i file taxes from 2009 Generally, Form 1040X must be filed within 3 years after the date the original return was filed or within 2 years after the date the tax was paid, whichever is later. How do i file taxes from 2009 Corrosive drywall. How do i file taxes from 2009   For purposes of this special procedure, “corrosive drywall” means drywall that is identified as problem drywall under the two-step identification method published by the Consumer Product Safety Commission (CPSC) and the Department of Housing and Urban Development (HUD) in their interim guidance dated January 28, 2010, as revised by the CPSC and HUD. How do i file taxes from 2009 The revised identification guidance and remediation guidelines are available at www. How do i file taxes from 2009 cpsc. How do i file taxes from 2009 gov/Safety-Education/Safety-Education-Centers/Drywall. How do i file taxes from 2009 Special instructions for completing Form 4684. How do i file taxes from 2009   If you choose to follow this special procedure, complete Form 4684, Section A, according to the instructions below. How do i file taxes from 2009 The IRS will not challenge your treatment of damage resulting from corrosive drywall as a casualty loss if you determine and report the loss as explained below. How do i file taxes from 2009 Top margin of Form 4684. How do i file taxes from 2009   Enter “Revenue Procedure 2010-36”. How do i file taxes from 2009 Line 1. How do i file taxes from 2009   Enter the information required by the line 1 instructions. How do i file taxes from 2009 Line 2. How do i file taxes from 2009   Skip this line. How do i file taxes from 2009 Line 3. How do i file taxes from 2009   Enter the amount of insurance or other reimbursements you received (including through litigation). How do i file taxes from 2009 If none, enter -0-. How do i file taxes from 2009 Lines 4–7. How do i file taxes from 2009   Skip these lines. How do i file taxes from 2009 Line 8. How do i file taxes from 2009   Enter the amount you paid to repair the damage to your home and household appliances due to corrosive drywall. How do i file taxes from 2009 Enter only the amounts you paid to restore your home to the condition existing immediately before the damage. How do i file taxes from 2009 Do not enter any amounts you paid for improvements or additions that increased the value of your home above its pre-loss value. How do i file taxes from 2009 If you replaced a household appliance instead of repairing it, enter the lesser of: The current cost to replace the original appliance, or The basis of the original appliance (generally its cost). How do i file taxes from 2009 Line 9. How do i file taxes from 2009   If line 8 is more than line 3, do one of the following. How do i file taxes from 2009 If you have a pending claim for reimbursement (or you intend to pursue reimbursement), enter 75% of the difference between lines 3 and 8. How do i file taxes from 2009 If item (1) does not apply to you, enter the full amount of the difference between lines 3 and 8. How do i file taxes from 2009 If line 8 is less than or equal to line 3, you cannot claim a casualty loss deduction using this special procedure. How do i file taxes from 2009    If you have a pending claim for reimbursement (or you intend to pursue reimbursement), you may have income or an additional deduction in a later tax year depending on the actual amount of reimbursement received. How do i file taxes from 2009 See Reimbursement Received After Deducting Loss, later. How do i file taxes from 2009 Lines 10–18. How do i file taxes from 2009   Complete these lines according to the Instructions for Form 4684. How do i file taxes from 2009 Choosing not to follow this special procedure. How do i file taxes from 2009   If you choose not to follow this special procedure, you are subject to all of the provisions that apply to the deductibility of casualty losses, and you must complete lines 1–9 according to the Instructions for Form 4684. How do i file taxes from 2009 This means, for example, that you must establish that the damage, destruction, or loss of property resulted from an identifiable event as defined earlier under Casualty . How do i file taxes from 2009 Furthermore, you must have proof that shows the following. How do i file taxes from 2009 The loss is properly deductible in the tax year you claimed it and not in some other year. How do i file taxes from 2009 See When To Report Gains and Losses , later. How do i file taxes from 2009 The amount of the claimed loss. How do i file taxes from 2009 See Proof of Loss , later. How do i file taxes from 2009 No claim for reimbursement of any portion of the loss exists for which there is a reasonable prospect of recovery. How do i file taxes from 2009 See When To Report Gains and Losses , later. How do i file taxes from 2009 Theft A theft is the taking and removing of money or property with the intent to deprive the owner of it. How do i file taxes from 2009 The taking of property must be illegal under the law of the state where it occurred and it must have been done with criminal intent. How do i file taxes from 2009 You do not need to show a conviction for theft. How do i file taxes from 2009 Theft includes the taking of money or property by the following means. How do i file taxes from 2009 Blackmail. How do i file taxes from 2009 Burglary. How do i file taxes from 2009 Embezzlement. How do i file taxes from 2009 Extortion. How do i file taxes from 2009 Kidnapping for ransom. How do i file taxes from 2009 Larceny. How do i file taxes from 2009 Robbery. How do i file taxes from 2009 The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. How do i file taxes from 2009 Decline in market value of stock. How do i file taxes from 2009   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. How do i file taxes from 2009 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. How do i file taxes from 2009 You report a capital loss on Schedule D (Form 1040). How do i file taxes from 2009 For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. How do i file taxes from 2009 Mislaid or lost property. How do i file taxes from 2009    The simple disappearance of money or property is not a theft. How do i file taxes from 2009 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. How do i file taxes from 2009 Sudden, unexpected, and unusual events were defined earlier under Casualty . How do i file taxes from 2009 Example. How do i file taxes from 2009 A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. How do i file taxes from 2009 The diamond falls from the ring and is never found. How do i file taxes from 2009 The loss of the diamond is a casualty. How do i file taxes from 2009 Losses from Ponzi-type investment schemes. How do i file taxes from 2009   The IRS has issued the following guidance to assist taxpayers who are victims of losses from Ponzi-type investment schemes: Revenue Ruling 2009-9, 2009-14 I. How do i file taxes from 2009 R. How do i file taxes from 2009 B. How do i file taxes from 2009 735 (available at www. How do i file taxes from 2009 irs. How do i file taxes from 2009 gov/irb/2009-14_IRB/ar07. How do i file taxes from 2009 html). How do i file taxes from 2009 Revenue Procedure 2009-20, 2009-14 I. How do i file taxes from 2009 R. How do i file taxes from 2009 B. How do i file taxes from 2009 749 (available at www. How do i file taxes from 2009 irs. How do i file taxes from 2009 gov/irb/2009-14_IRB/ar11. How do i file taxes from 2009 html). How do i file taxes from 2009 Revenue Procedure 2011-58, 2011-50 I. How do i file taxes from 2009 R. How do i file taxes from 2009 B. How do i file taxes from 2009 847 (available at www. How do i file taxes from 2009 irs. How do i file taxes from 2009 gov/irb/2011-50_IRB/ar11. How do i file taxes from 2009 html). How do i file taxes from 2009 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. How do i file taxes from 2009 Skip lines 19 to 27, but you must fill out Section B, lines 29 to 39, as appropriate. How do i file taxes from 2009 Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. How do i file taxes from 2009 You do not need to complete Appendix A. How do i file taxes from 2009 For more information, see the above revenue ruling and revenue procedures, and the Instructions for Form 4684. How do i file taxes from 2009   If you choose not to use the procedures in Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58, you may claim your theft loss by filling out Section B, lines 19 to 39, as appropriate. How do i file taxes from 2009 Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. How do i file taxes from 2009 If you incurred this type of loss, you can choose one of the following ways to deduct the loss. How do i file taxes from 2009 As a casualty loss. How do i file taxes from 2009 As an ordinary loss. How do i file taxes from 2009 As a nonbusiness bad debt. How do i file taxes from 2009 Casualty loss or ordinary loss. How do i file taxes from 2009   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. How do i file taxes from 2009 The choice generally is 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. How do i file taxes from 2009 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. How do i file taxes from 2009 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. How do i file taxes from 2009 Once you make the choice, you cannot change it without permission from the Internal Revenue Service. How do i file taxes from 2009   If you claim an ordinary loss, report it as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. How do i file taxes from 2009 The maximum amount you can claim is $20,000 ($10,000 if you are married filing separately) reduced by any expected state insurance proceeds. How do i file taxes from 2009 Your loss is subject to the 2%-of-adjusted-gross-income limit. How do i file taxes from 2009 You cannot choose to claim an ordinary loss if any part of the deposit is federally insured. How do i file taxes from 2009 Nonbusiness bad debt. How do i file taxes from 2009   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. How do i file taxes from 2009 How to report. How do i file taxes from 2009   The kind of deduction you choose for your loss on deposits determines how you report your loss. How do i file taxes from 2009 See Table 1. How do i file taxes from 2009 More information. How do i file taxes from 2009   For more information, see Special Treatment for Losses on Deposits in Insolvent or Bankrupt Financial Institutions in the Instructions for Form 4684. How do i file taxes from 2009 Deducted loss recovered. How do i file taxes from 2009   If you recover an amount you deducted as a loss in an earlier year, you may have to include the amount recovered in your income for the year of recovery. How do i file taxes from 2009 If any part of the original deduction did not reduce your tax in the earlier year, you do not have to include that part of the recovery in your income. How do i file taxes from 2009 For more information, see Recoveries in Publication 525. How do i file taxes from 2009 Proof of Loss To deduct a casualty or theft loss, you must be able to show that there was a casualty or theft. How do i file taxes from 2009 You also must be able to support the amount you take as a deduction. How do i file taxes from 2009 Casualty loss proof. How do i file taxes from 2009   For a casualty loss, you should be able to show all of the following. How do i file taxes from 2009 The type of casualty (car accident, fire, storm, etc. How do i file taxes from 2009 ) and when it occurred. How do i file taxes from 2009 That the loss was a direct result of the casualty. How do i file taxes from 2009 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. How do i file taxes from 2009 Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. How do i file taxes from 2009 Theft loss proof. How do i file taxes from 2009   For a theft loss, you should be able to show all of the following. How do i file taxes from 2009 When you discovered that your property was missing. How do i file taxes from 2009 That your property was stolen. How do i file taxes from 2009 That you were the owner of the property. How do i file taxes from 2009 Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. How do i file taxes from 2009    It is important that you have records that will prove your deduction. How do i file taxes from 2009 If you do not have the actual records to support your deduction, you can use other satisfactory evidence to support it. How do i file taxes from 2009 Figuring a Loss To determine your deduction for a casualty or theft loss, you must first figure your loss. How do i file taxes from 2009 Table 1. How do i file taxes from 2009 Reporting Loss on Deposits IF you choose to report the loss as a(n). How do i file taxes from 2009 . How do i file taxes from 2009 . How do i file taxes from 2009   THEN report it on. How do i file taxes from 2009 . How do i file taxes from 2009 . How do i file taxes from 2009 casualty loss   Form 4684 and Schedule A  (Form 1040). How do i file taxes from 2009 ordinary loss   Schedule A (Form 1040). How do i file taxes from 2009 nonbusiness bad debt   Form 8949 and Schedule D (Form 1040). How do i file taxes from 2009 Amount of loss. How do i file taxes from 2009   Figure the amount of your loss using the following steps. How do i file taxes from 2009 Determine your adjusted basis in the property before the casualty or theft. How do i file taxes from 2009 Determine the decrease in fair market value (FMV) of the property as a result of the casualty or theft. How do i file taxes from 2009 From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. How do i file taxes from 2009 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. How do i file taxes from 2009 Gain from reimbursement. How do i file taxes from 2009   If your reimbursement is more than your adjusted basis in the property, you have a gain. How do i file taxes from 2009 This is true even if the decrease in the FMV of the property is smaller than your adjusted basis. How do i file taxes from 2009 If you have a gain, you may have to pay tax on it, or you may be able to postpone reporting the gain. How do i file taxes from 2009 See Figuring a Gain , later. How do i file taxes from 2009 Business or income-producing property. How do i file taxes from 2009   If you have business or income-producing property, such as rental property, and it is stolen or completely destroyed, the decrease in FMV is not considered. How do i file taxes from 2009 Your loss is figured as follows:   Your adjusted basis in the property     MINUS     Any salvage value     MINUS     Any insurance or other reimbursement you  receive or expect to receive   Loss of inventory. How do i file taxes from 2009   There are two ways you can deduct a casualty or theft loss of inventory, including items you hold for sale to customers. How do i file taxes from 2009   One way is to deduct the loss through the increase in the cost of goods sold by properly reporting your opening and closing inventories. How do i file taxes from 2009 Do not claim this loss again as a casualty or theft loss. How do i file taxes from 2009 If you take the loss through the increase in the cost of goods sold, include any insurance or other reimbursement you receive for the loss in gross income. How do i file taxes from 2009   The other way is to deduct the loss separately. How do i file taxes from 2009 If you deduct it separately, eliminate the affected inventory items from the cost of goods sold by making a downward adjustment to opening inventory or purchases. How do i file taxes from 2009 Reduce the loss by the reimbursement you received. How do i file taxes from 2009 Do not include the reimbursement in gross income. How do i file taxes from 2009 If you do not receive the reimbursement by the end of the year, you may not claim a loss to the extent you have a reasonable prospect of recovery. How do i file taxes from 2009 Leased property. How do i file taxes from 2009   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. How do i file taxes from 2009 Separate computations. How do i file taxes from 2009   Generally, if a single casualty or theft involves more than one item of property, you must figure the loss on each item separately. How do i file taxes from 2009 Then combine the losses to determine the total loss from that casualty or theft. How do i file taxes from 2009 Exception for personal-use real property. How do i file taxes from 2009   In figuring a casualty loss on personal-use real property, the entire property (including any improvements, such as buildings, trees, and shrubs) is treated as one item. How do i file taxes from 2009 Figure the loss using the smaller of the following. How do i file taxes from 2009 The decrease in FMV of the entire property. How do i file taxes from 2009 The adjusted basis of the entire property. How do i file taxes from 2009   See Real property under Figuring the Deduction, later. How do i file taxes from 2009 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. How do i file taxes from 2009 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. How do i file taxes from 2009 FMV of stolen property. How do i file taxes from 2009   The FMV of property immediately after a theft is considered to be zero because you no longer have the property. How do i file taxes from 2009 Example. How do i file taxes from 2009 Several years ago, you purchased silver dollars at face value for $150. How do i file taxes from 2009 This is your adjusted basis in the property. How do i file taxes from 2009 Your silver dollars were stolen this year. How do i file taxes from 2009 The FMV of the coins was $1,000 just before they were stolen, and insurance did not cover them. How do i file taxes from 2009 Your theft loss is $150. How do i file taxes from 2009 Recovered stolen property. How do i file taxes from 2009   Recovered stolen property is your property that was stolen and later returned to you. How do i file taxes from 2009 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. How do i file taxes from 2009 Use this amount to refigure your total loss for the year in which the loss was deducted. How do i file taxes from 2009   If your refigured loss is less than the loss you deducted, you generally have to report the difference as income in the recovery year. How do i file taxes from 2009 But report the difference only up to the amount of the loss that reduced your tax. How do i file taxes from 2009 For more information on the amount to report, see Recoveries in Publication 525. How do i file taxes from 2009 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. How do i file taxes from 2009 However, other measures also can be used to establish certain decreases. How do i file taxes from 2009 See Appraisal and Cost of cleaning up or making repairs , next. How do i file taxes from 2009 Appraisal. How do i file taxes from 2009   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterwards should be made by a competent appraiser. How do i file taxes from 2009 The appraiser must recognize the effects of any general market decline that may occur along with the casualty. How do i file taxes from 2009 This information is needed to limit any deduction to the actual loss resulting from damage to the property. How do i file taxes from 2009   Several factors are important in evaluating the accuracy of an appraisal, including the following. How do i file taxes from 2009 The appraiser's familiarity with your property before and after the casualty or theft. How do i file taxes from 2009 The appraiser's knowledge of sales of comparable property in the area. How do i file taxes from 2009 The appraiser's knowledge of conditions in the area of the casualty. How do i file taxes from 2009 The appraiser's method of appraisal. How do i file taxes from 2009 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. How do i file taxes from 2009 For more information on disasters, see Disaster Area Losses, later. How do i file taxes from 2009 Cost of cleaning up or making repairs. How do i file taxes from 2009   The cost of repairing damaged property is not part of a casualty loss. How do i file taxes from 2009 Neither is the cost of cleaning up after a casualty. How do i file taxes from 2009 But you can use the cost of cleaning up or of making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. How do i file taxes from 2009 The repairs are actually made. How do i file taxes from 2009 The repairs are necessary to bring the property back to its condition before the casualty. How do i file taxes from 2009 The amount spent for repairs is not excessive. How do i file taxes from 2009 The repairs take care of the damage only. How do i file taxes from 2009 The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. How do i file taxes from 2009 Landscaping. How do i file taxes from 2009   The cost of restoring landscaping to its original condition after a casualty may indicate the decrease in FMV. How do i file taxes from 2009 You may be able to measure your loss by what you spend on the following. How do i file taxes from 2009 Removing destroyed or damaged trees and shrubs, minus any salvage you receive. How do i file taxes from 2009 Pruning and other measures taken to preserve damaged trees and shrubs. How do i file taxes from 2009 Replanting necessary to restore the property to its approximate value before the casualty. How do i file taxes from 2009 Car value. How do i file taxes from 2009   Books issued by various automobile organizations that list your car may be useful in figuring the value of your car. How do i file taxes from 2009 You can use the books' retail values and modify them by factors such as the mileage and condition of your car to figure its value. How do i file taxes from 2009 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. How do i file taxes from 2009 If your car is not listed in the books, determine its value from other sources. How do i file taxes from 2009 A dealer's offer for your car as a trade-in on a new car is not usually a measure of its true value. How do i file taxes from 2009 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. How do i file taxes from 2009 Cost of protection. How do i file taxes from 2009   The cost of protecting your property against a casualty or theft is not part of a casualty or theft loss. How do i file taxes from 2009 The amount you spend on insurance or to board up your house against a storm is not part of your loss. How do i file taxes from 2009 If the property is business property, these expenses are deductible as business expenses. How do i file taxes from 2009   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. How do i file taxes from 2009 An example would be the cost of a dike to prevent flooding. How do i file taxes from 2009 Exception. How do i file taxes from 2009   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 (discussed later under Disaster Area Losses ). How do i file taxes from 2009 Related expenses. How do i file taxes from 2009   The incidental expenses 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. How do i file taxes from 2009 However, they may be deductible as business expenses if the damaged or stolen property is business property. How do i file taxes from 2009 Replacement cost. How do i file taxes from 2009   The cost of replacing stolen or destroyed property is not part of a casualty or theft loss. How do i file taxes from 2009 Example. How do i file taxes from 2009 You bought a new chair 4 years ago for $300. How do i file taxes from 2009 In April, a fire destroyed the chair. How do i file taxes from 2009 You estimate that it would cost $500 to replace it. How do i file taxes from 2009 If you had sold the chair before the fire, you estimate that you could have received only $100 for it because it was 4 years old. How do i file taxes from 2009 The chair was not insured. How do i file taxes from 2009 Your loss is $100, the FMV of the chair before the fire. How do i file taxes from 2009 It is not $500, the replacement cost. How do i file taxes from 2009 Sentimental value. How do i file taxes from 2009   Do not consider sentimental value when determining your loss. How do i file taxes from 2009 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. How do i file taxes from 2009 Decline in market value of property in or near casualty area. How do i file taxes from 2009   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. How do i file taxes from 2009 You have a loss only for actual casualty damage to your property. How do i file taxes from 2009 However, if your home is in a federally declared disaster area, see Disaster Area Losses , later. How do i file taxes from 2009 Costs of photographs and appraisals. How do i file taxes from 2009   Photographs taken after a casualty will be helpful in establishing the condition and value of the property after it was damaged. How do i file taxes from 2009 Photographs showing the condition of the property after it was repaired, restored, or replaced may also be helpful. How do i file taxes from 2009   Appraisals are used to figure the decrease in FMV because of a casualty or theft. How do i file taxes from 2009 See Appraisal , earlier, under Figuring Decrease in FMV — Items To Consider, for information about appraisals. How do i file taxes from 2009   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. How do i file taxes from 2009 They are expenses in determining your tax liability. How do i file taxes from 2009 You can claim these costs as a miscellaneous itemized deduction subject to the 2%-of-adjusted-gross-income limit on Schedule A (Form 1040). How do i file taxes from 2009 Adjusted Basis The measure of your investment in the property you own is its basis. How do i file taxes from 2009 For property you buy, your basis is usually its cost to you. How do i file taxes from 2009 For property you acquire in some other way, such as inheriting it, receiving it as a gift, or getting it in a nontaxable exchange, you must figure your basis in another way, as explained in Publication 551. How do i file taxes from 2009 If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. How do i file taxes from 2009 Adjustments to basis. How do i file taxes from 2009    While you own the property, various events may take place that change your basis. How do i file taxes from 2009 Some events, such as additions or permanent improvements to the property, increase basis. How do i file taxes from 2009 Others, such as earlier casualty losses and depreciation deductions, decrease basis. How do i file taxes from 2009 When you add the increases to the basis and subtract the decreases from the basis, the result is your adjusted basis. How do i file taxes from 2009 See Publication 551 for more information on figuring the basis of your property. How do i file taxes from 2009 Insurance and Other Reimbursements If you receive an insurance or other type of reimbursement, you must subtract the reimbursement when you figure your loss. How do i file taxes from 2009 You do not have a casualty or theft loss to the extent you are reimbursed. How do i file taxes from 2009 If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. How do i file taxes from 2009 You must reduce your loss even if you do not receive payment until a later tax year. How do i file taxes from 2009 See Reimbursement Received After Deducting Loss , later. How do i file taxes from 2009 Failure to file a claim for reimbursement. How do i file taxes from 2009   If your property is covered by insurance, you must file a timely insurance claim for reimbursement of your loss. How do i file taxes from 2009 Otherwise, you cannot deduct this loss as a casualty or theft. How do i file taxes from 2009 The portion of the loss usually not covered by insurance (for example, a deductible) is not subject to this rule. How do i file taxes from 2009 Example. How do i file taxes from 2009 You have a car insurance policy with a $1,000 deductible. How do i file taxes from 2009 Because your insurance did not cover the first $1,000 of an auto collision, the $1,000 would be deductible (subject to the $100 and 10% rules, discussed later). How do i file taxes from 2009 This is true, even if you do not file an insurance claim, because your insurance policy would never have reimbursed you for the deductible. How do i file taxes from 2009 Types of Reimbursements The most common type of reimbursement is an insurance payment for your stolen or damaged property. How do i file taxes from 2009 Other types of reimbursements are discussed next. How do i file taxes from 2009 Also see the Instructions for Form 4684. How do i file taxes from 2009 Employer's emergency disaster fund. How do i file taxes from 2009   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. How do i file taxes from 2009 Take into consideration only the amount you used to replace your destroyed or damaged property. How do i file taxes from 2009 Example. How do i file taxes from 2009 Your home was extensively damaged by a tornado. How do i file taxes from 2009 Your loss after reimbursement from your insurance company was $10,000. How do i file taxes from 2009 Your employer set up a disaster relief fund for its employees. How do i file taxes from 2009 Employees receiving money from the fund had to use it to rehabilitate or replace their damaged or destroyed property. How do i file taxes from 2009 You received $4,000 from the fund and spent the entire amount on repairs to your home. How do i file taxes from 2009 In figuring your casualty loss, you must reduce your unreimbursed loss ($10,000) by the $4,000 you received from your employer's fund. How do i file taxes from 2009 Your casualty loss before applying the deduction limits (discussed later) is $6,000. How do i file taxes from 2009 Cash gifts. How do i file taxes from 2009   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. How do i file taxes from 2009 This applies even if you use the money to pay for repairs to property damaged in the disaster. How do i file taxes from 2009 Example. How do i file taxes from 2009 Your home was damaged by a hurricane. How do i file taxes from 2009 Relatives and neighbors made cash gifts to you that were excludable from your income. How do i file taxes from 2009 You used part of the cash gifts to pay for repairs to your home. How do i file taxes from 2009 There were no limits or restrictions on how you could use the cash gifts. How do i file taxes from 2009 It was an excludable gift, so the money you received and used to pay for repairs to your home does not reduce your casualty loss on the damaged home. How do i file taxes from 2009 Insurance payments for living expenses. How do i file taxes from 2009   You do not reduce your casualty loss by insurance payments you receive to cover living expenses in either of the following situations. How do i file taxes from 2009 You lose the use of your main home because of a casualty. How do i file taxes from 2009 Government authorities do not allow you access to your main home because of a casualty or threat of one. How do i file taxes from 2009 Inclusion in income. How do i file taxes from 2009   If these insurance payments are more than the temporary increase in your living expenses, you must include the excess in your income. How do i file taxes from 2009 Report this amount on Form 1040, line 21. How do i file taxes from 2009 However, if the casualty occurs in a federally declared disaster area, none of the insurance payments are taxable. How do i file taxes from 2009 See Qualified disaster relief payments , later, under Disaster Area Losses. How do i file taxes from 2009   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. How do i file taxes from 2009 Actual living expenses are the reasonable and necessary expenses incurred because of the loss of your main home. How do i file taxes from 2009 Generally, these expenses include the amounts you pay for the following. How do i file taxes from 2009 Renting suitable housing. How do i file taxes from 2009 Transportation. How do i file taxes from 2009 Food. How do i file taxes from 2009 Utilities. How do i file taxes from 2009 Miscellaneous services. How do i file taxes from 2009 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. How do i file taxes from 2009 Example. How do i file taxes from 2009 As a result of a fire, you vacated your apartment for a month and moved to a motel. How do i file taxes from 2009 You normally pay $525 a month for rent. How do i file taxes from 2009 None was charged for the month the apartment was vacated. How do i file taxes from 2009 Your motel rent for this month was $1,200. How do i file taxes from 2009 You normally pay $200 a month for food. How do i file taxes from 2009 Your food expenses for the month you lived in the motel were $400. How do i file taxes from 2009 You received $1,100 from your insurance company to cover your living expenses. How do i file taxes from 2009 You determine the payment you must include in income as follows. How do i file taxes from 2009 1. How do i file taxes from 2009 Insurance payment for living expenses $1,100 2. How do i file taxes from 2009 Actual expenses during the month you are unable to use your home because of the fire $1,600   3. How do i file taxes from 2009 Normal living expenses 725   4. How do i file taxes from 2009 Temporary increase in living expenses: Subtract line 3  from line 2 875 5. How do i file taxes from 2009 Amount of payment includible in income: Subtract line 4 from line 1 $ 225 Tax year of inclusion. How do i file taxes from 2009   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. How do i file taxes from 2009 Example. How do i file taxes from 2009 Your main home was destroyed by a tornado in August 2011. How do i file taxes from 2009 You regained use of your home in November 2012. How do i file taxes from 2009 The insurance payments you received in 2011 and 2012 were $1,500 more than the temporary increase in your living expenses during those years. How do i file taxes from 2009 You include this amount in income on your 2012 Form 1040. How do i file taxes from 2009 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. How do i file taxes from 2009 Disaster relief. How do i file taxes from 2009   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. How do i file taxes from 2009 Table 2. How do i file taxes from 2009 Deduction Limit Rules for Personal-Use and Employee Property       $100 Rule 10% Rule 2% Rule General Application You must reduce each casualty or theft loss by $100 when figuring your deduction. How do i file taxes from 2009 Apply this rule to personal-use property after you have figured the amount of your loss. How do i file taxes from 2009 You must reduce your total casualty or theft loss by 10% of your adjusted gross income. How do i file taxes from 2009 Apply this rule to personal-use property after you reduce each loss by $100 (the $100 rule). How do i file taxes from 2009 You must reduce your total casualty or theft loss by 2% of your adjusted gross income. How do i file taxes from 2009 Apply this rule to property you used in performing services as an employee after you have figured the amount of your loss and added it to your job expenses and most other miscellaneous itemized deductions. How do i file taxes from 2009 Single Event Apply this rule only once, even if many pieces of property are affected. How do i file taxes from 2009 Apply this rule only once, even if many pieces of property are affected. How do i file taxes from 2009 Apply this rule only once, even if many pieces of property are affected. How do i file taxes from 2009 More Than One Event Apply to the loss from each event. How do i file taxes from 2009 Apply to the total of all your losses from all events. How do i file taxes from 2009 Apply to the total of all your losses from all events. How do i file taxes from 2009 More Than One Person— With Loss From the   Same Event  (other than a married couple  filing jointly) Apply separately to each person. How do i file taxes from 2009 Apply separately to each person. How do i file taxes from 2009 Apply separately to each person. How do i file taxes from 2009 Married Couple—  With Loss From the  Same Event Filing Joint Return Apply as if you were one person. How do i file taxes from 2009 Apply as if you were one person. How do i file taxes from 2009 Apply as if you were one person. How do i file taxes from 2009 Filing Separate Return Apply separately to each spouse. How do i file taxes from 2009 Apply separately to each spouse. How do i file taxes from 2009 Apply separately to each spouse. How do i file taxes from 2009 More Than One Owner (other than a married couple filing jointly) Apply separately to each owner of jointly owned property. How do i file taxes from 2009 Apply separately to each owner of jointly owned property. How do i file taxes from 2009 Apply separately to each owner of jointly owned property. How do i file taxes from 2009    Qualified disaster relief payments you receive for expenses you incurred as a result of a federally declared disaster, are not taxable income to you. How do i file taxes from 2009 For more information, see Qualified disaster relief payments under Disaster Area Losses, later. How do i file taxes from 2009   Disaster unemployment assistance payments are unemployment benefits that are taxable. How do i file taxes from 2009   Generally, disaster relief grants received under the Robert T. How do i file taxes from 2009 Stafford Disaster Relief and Emergency Assistance Act are not included in your income. How do i file taxes from 2009 See Federal disaster relief grants , later, under Disaster Area Losses. How do i file taxes from 2009 Loan proceeds. How do i file taxes from 2009   Do not reduce your casualty loss by loan proceeds you use to rehabilitate or replace property on which you are claiming a casualty loss deduction. How do i file taxes from 2009 If you have a federal loan that is canceled (forgiven), see Federal loan canceled , later, under Disaster Area Losses. How do i file taxes from 2009 Reimbursement Received After Deducting Loss If you figured your casualty or theft loss using the amount of your expected reimbursement, you may have to adjust your tax return for the tax year in which you get your actual reimbursement. How do i file taxes from 2009 This section explains the adjustment you may have to make. How do i file taxes from 2009 Actual reimbursement less than expected. How do i file taxes from 2009   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. How do i file taxes from 2009 Example. How do i file taxes from 2009 Your personal car had a FMV of $2,000 when it was destroyed in a collision with another car in 2012. How do i file taxes from 2009 The accident was due to the negligence of the other driver. How do i file taxes from 2009 At the end of 2012, there was a reasonable prospect that the owner of the other car would reimburse you in full. How do i file taxes from 2009 You did not have a deductible loss in 2012. How do i file taxes from 2009 In January 2013, the court awards you a judgment of $2,000. How do i file taxes from 2009 However, in July it becomes apparent that you will be unable to collect any amount from the other driver. How do i file taxes from 2009 Since this is your only casualty or theft loss, you can deduct the loss in 2013 that is figured by applying the Deduction Limits (discussed later). How do i file taxes from 2009 Actual reimbursement more than expected. How do i file taxes from 2009   If you later receive more reimbursement than you expected, after you have claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. How do i file taxes from 2009 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. How do i file taxes from 2009 You do not refigure your tax for the year you claimed the deduction. How do i file taxes from 2009 See Recoveries in Publication 525 to find out how much extra reimbursement to include in income. How do i file taxes from 2009 Example. How do i file taxes from 2009 In 2012, a hurricane destroyed your motorboat. How do i file taxes from 2009 Your loss was $3,000, and you estimated that your insurance would cover $2,500 of it. How do i file taxes from 2009 You did not itemize deductions on your 2012 return, so you could not deduct the loss. How do i file taxes from 2009 When the insurance company reimburses you for the loss, you do not report any of the reimbursement as income. How do i file taxes from 2009 This is true even if it is for the full $3,000 because you did not deduct the loss on your 2012 return. How do i file taxes from 2009 The loss did not reduce your tax. How do i file taxes from 2009    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. How do i file taxes from 2009 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. How do i file taxes from 2009 Include the gain as ordinary income up to the amount of your deduction that reduced your tax for the earlier year. How do i file taxes from 2009 You may be able to postpone reporting any remaining gain as explained under Postponement of Gain, later. How do i file taxes from 2009 Actual reimbursement same as expected. How do i file taxes from 2009   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. How do i file taxes from 2009 Example. How do i file taxes from 2009 In December 2013, you had a collision while driving your personal car. How do i file taxes from 2009 Repairs to the car cost $950. How do i file taxes from 2009 You had $100 deductible collision insurance. How do i file taxes from 2009 Your insurance company agreed to reimburse you for the rest of the damage. How do i file taxes from 2009 Because you expected a reimbursement from the insurance company, you did not have a casualty loss deduction in 2013. How do i file taxes from 2009 Due to the $100 rule, you cannot deduct the $100 you paid as the deductible. How do i file taxes from 2009 When you receive the $850 from the insurance company in 2014, do not report it as income. How do i file taxes from 2009 Deduction Limits After you have figured your casualty or theft loss, you must figure how much of the loss you can deduct. How do i file taxes from 2009 The deduction for casualty and theft losses of employee property and personal-use property is limited. How do i file taxes from 2009 A loss on employee property is subject to the 2% rule, discussed next. How do i file taxes from 2009 With certain exceptions, a loss on property you own for your personal use is subject to the $100 and 10% rules, discussed later. How do i file taxes from 2009 The 2%, $100, and 10% rules are also summarized in Table 2 . How do i file taxes from 2009 Losses on business property (other than employee property) and income-producing property are not subject to these rules. How do i file taxes from 2009 However, if your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. How do i file taxes from 2009 See the Instructions for Form 4684, Section B. How do i file taxes from 2009 If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. How do i file taxes from 2009 2% Rule The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040) or Form 1040NR, Schedule A, must be reduced by 2% of your adjusted gross income. How do i file taxes from 2009 Employee property is property used in performing services as an employee. How do i file taxes from 2009 $100 Rule After you have figured your casualty or theft loss on personal-use property, as discussed earlier, you must reduce that loss by $100. How do i file taxes from 2009 This reduction applies to each total casualty or theft loss. How do i file taxes from 2009 It does not matter how many pieces of property are involved in an event. How do i file taxes from 2009 Only a single $100 reduction applies. How do i file taxes from 2009 Example. How do i file taxes from 2009 You have $750 deductible collision insurance on your car. How do i file taxes from 2009 The car is damaged in a collision. How do i file taxes from 2009 The insurance company pays you for the damage minus the $750 deductible. How do i file taxes from 2009 The amount of the casualty loss is based solely on the deductible. How do i file taxes from 2009 The casualty loss is $650 ($750 − $100) because the first $100 of a casualty loss on personal-use property is not deductible. How do i file taxes from 2009 Single event. How do i file taxes from 2009   Generally, events closely related in origin cause a single casualty. How do i file taxes from 2009 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. How do i file taxes from 2009 A single casualty may also damage two or more pieces of property, such as a hailstorm that damages both your home and your car parked in your driveway. How do i file taxes from 2009 Example 1. How do i file taxes from 2009 A thunderstorm destroyed your pleasure boat. How do i file taxes from 2009 You also lost some boating equipment in the storm. How do i file taxes from 2009 Your loss was $5,000 on the boat and $1,200 on the equipment. How do i file taxes from 2009 Your insurance company reimbursed you $4,500 for the damage to your boat. How do i file taxes from 2009 You had no insurance coverage on the equipment. How do i file taxes from 2009 Your casualty loss is from a single event and the $100 rule applies once. How do i file taxes from 2009 Figure your loss before applying the 10% rule (discussed later) as follows. How do i file taxes from 2009     Boat Equipment 1. How do i file taxes from 2009 Loss $5,000 $1,200 2. How do i file taxes from 2009 Subtract insurance 4,500 -0- 3. How do i file taxes from 2009 Loss after reimbursement $ 500 $1,200 4. How do i file taxes from 2009 Total loss $1,700 5. How do i file taxes from 2009 Subtract $100 100 6. How do i file taxes from 2009 Loss before 10% rule $1,600 Example 2. How do i file taxes from 2009 Thieves broke into your home in January and stole a ring and a fur coat. How do i file taxes from 2009 You had a loss of $200 on the ring and $700 on the coat. How do i file taxes from 2009 This is a single theft. How do i file taxes from 2009 The $100 rule applies to the total $900 loss. How do i file taxes from 2009 Example 3. How do i file taxes from 2009 In September, hurricane winds blew the roof off your home. How do i file taxes from 2009 Flood waters caused by the hurricane further damaged your home and destroyed your furniture and personal car. How do i file taxes from 2009 This is considered a single casualty. How do i file taxes from 2009 The $100 rule is applied to your total loss from the flood waters and the wind. How do i file taxes from 2009 More than one loss. How do i file taxes from 2009   If you have more than one casualty or theft loss during your tax year, you must reduce each loss by $100. How do i file taxes from 2009 Example. How do i file taxes from 2009 Your family car was damaged in an accident in January. How do i file taxes from 2009 Your loss after the insurance reimbursement was $75. How do i file taxes from 2009 In February, your car was damaged in another accident. How do i file taxes from 2009 This time your loss after the insurance reimbursement was $90. How do i file taxes from 2009 Apply the $100 rule to each separate casualty loss. How do i file taxes from 2009 Since neither accident resulted in a loss of over $100, you are not entitled to any deduction for these accidents. How do i file taxes from 2009 More than one person. How do i file taxes from 2009   If two or more individuals (other than a husband and wife filing a joint return) have losses from the same casualty or theft, the $100 rule applies separately to each individual. How do i file taxes from 2009 Example. How do i file taxes from 2009 A fire damaged your house and also damaged the personal property of your house guest. How do i file taxes from 2009 You must reduce your loss by $100. How do i file taxes from 2009 Your house guest must reduce his or her loss by $100. How do i file taxes from 2009 Married taxpayers. How do i file taxes from 2009   If you and your spouse file a joint return, you are treated as one individual in applying the $100 rule. How do i file taxes from 2009 It does not matter whether you own the property jointly or separately. How do i file taxes from 2009   If you and your spouse have a casualty or theft loss and you file separate returns, each of you must reduce your loss by $100. How do i file taxes from 2009 This is true even if you own the property jointly. How do i file taxes from 2009 If one spouse owns the property, only that spouse can figure a loss deduction on a separate return. How do i file taxes from 2009   If the casualty or theft loss is on property you own as tenants by the entirety, each of you can figure your deduction on only one-half of the loss on separate returns. How do i file taxes from 2009 Neither of you can figure your deduction on the entire loss on a separate return. How do i file taxes from 2009 Each of you must reduce the loss by $100. How do i file taxes from 2009 More than one owner. How do i file taxes from 2009   If two or more individuals (other than a husband and wife filing a joint return) have a loss on property jointly owned, the $100 rule applies separately to each. How do i file taxes from 2009 For example, if two sisters live together in a home they own jointly and they have a casualty loss on the home, the $100 rule applies separately to each sister. How do i file taxes from 2009 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. How do i file taxes from 2009 Apply this rule after you reduce each loss by $100. How do i file taxes from 2009 For more information, see the Form 4684 instructions. How do i file taxes from 2009 If you have both gains and losses from casualties or thefts, see Gains and losses , later in this discussion. How do i file taxes from 2009 Example. How do i file taxes from 2009 In June, you discovered that your house had been burglarized. How do i file taxes from 2009 Your loss after insurance reimbursement was $2,000. How do i file taxes from 2009 Your adjusted gross income for the year you discovered the theft is $29,500. How do i file taxes from 2009 Figure your theft loss as follows. How do i file taxes from 2009 1. How do i file taxes from 2009 Loss after insurance $2,000 2. How do i file taxes from 2009 Subtract $100 100 3. How do i file taxes from 2009 Loss after $100 rule $1,900 4. How do i file taxes from 2009 Subtract 10% of $29,500 AGI $2,950 5. How do i file taxes from 2009 Theft loss deduction $-0- You do not have a theft loss deduction because your loss ($1,900) is less than 10% of your adjusted gross income ($2,950). How do i file taxes from 2009 More than one loss. How do i file taxes from 2009   If you have more than one casualty or theft loss during your tax year, reduce each loss by any reimbursement and by $100. How do i file taxes from 2009 Then you must reduce the total of all your losses by 10% of your adjusted gross income. How do i file taxes from 2009 Example. How do i file taxes from 2009 In March, you had a car accident that totally destroyed your car. How do i file taxes from 2009 You did not have collision insurance on your car, so you did not receive any insurance reimbursement. How do i file taxes from 2009 Your loss on the car was $1,800. How do i file taxes from 2009 In November, a fire damaged your basement and totally destroyed the furniture, washer, dryer, and other items you had stored there. How do i file taxes from 2009 Your loss on the basement items after reimbursement was $2,100. How do i file taxes from 2009 Your adjusted gross income for the year that the accident and fire occurred is $25,000. How do i file taxes from 2009 You figure your casualty loss deduction as follows. How do i file taxes from 2009     Car Basement 1. How do i file taxes from 2009 Loss $1,800 $2,100 2. How do i file taxes from 2009 Subtract $100 per incident 100 100 3. How do i file taxes from 2009 Loss after $100 rule $1,700 $2,000 4. How do i file taxes from 2009 Total loss $3,700 5. How do i file taxes from 2009 Subtract 10% of $25,000 AGI 2,500 6. How do i file taxes from 2009 Casualty loss deduction $1,200 Married taxpayers. How do i file taxes from 2009   If you and your spouse file a joint return, you are treated as one individual in applying the 10% rule. How do i file taxes from 2009 It does not matter if you own the property jointly or separately. How do i file taxes from 2009   If you file separate returns, the 10% rule applies to each return on which a loss is claimed. How do i file taxes from 2009 More than one owner. How do i file taxes from 2009   If two or more individuals (other than husband and wife filing a joint return) have a loss on property that is owned jointly, the 10% rule applies separately to each. How do i file taxes from 2009 Gains and losses. How do i file taxes from 2009   If you have casualty or theft gains as well as losses to personal-use property, you must compare your total gains to your total losses. How do i file taxes from 2009 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. How do i file taxes from 2009 Casualty or theft gains do not include gains you choose to postpone. How do i file taxes from 2009 See Postponement of Gain, later. How do i file taxes from 2009 Losses more than gains. How do i file taxes from 2009   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. How do i file taxes from 2009 The rest, if any, is your deductible loss from personal-use property. How do i file taxes from 2009 Example. How do i file taxes from 2009 Your theft loss after reducing it by reimbursements and by $100 is $2,700. How do i file taxes from 2009 Your casualty gain is $700. How do i file taxes from 2009 Your loss is more than your gain, so you must reduce your $2,000 net loss ($2,700 − $700) by 10% of your adjusted gross income. How do i file taxes from 2009 Gains more than losses. How do i file taxes from 2009   If your recognized gains are more than your losses, subtract your losses from your gains. How do i file taxes from 2009 The difference is treated as a capital gain and must be reported on Schedule D (Form 1040). How do i file taxes from 2009 The 10% rule does not apply to your gains. How do i file taxes from 2009 Example. How do i file taxes from 2009 Your theft loss is $600 after reducing it by reimbursements and by $100. How do i file taxes from 2009 Your casualty gain is $1,600. How do i file taxes from 2009 Because your gain is more than your loss, you must report the $1,000 net gain ($1,600 − $600) on Schedule D (Form 1040). How do i file taxes from 2009 More information. How do i file taxes from 2009   For information on how to figure recognized gains, see Figuring a Gain , later. How do i file taxes from 2009 Figuring the Deduction Generally, you must figure your loss separately for each item stolen, damaged, or destroyed. How do i file taxes from 2009 However, a special rule applies to real property you own for personal use. How do i file taxes from 2009 Real property. How do i file taxes from 2009   In figuring a loss to real estate you own for personal use, all improvements (such as buildings and ornamental trees and the land containing the improvements) are considered together. How do i file taxes from 2009 Example 1. How do i file taxes from 2009 In June, a fire destroyed your lakeside cottage, which cost $144,800 (including $14,500 for the land) several years ago. How do i file taxes from 2009 (Your land was not damaged. How do i file taxes from 2009 ) This was your only casualty or theft loss for the year. How do i file taxes from 2009 The FMV of the property immediately before the fire was $180,000 ($145,000 for the cottage and $35,000 for the land). How do i file taxes from 2009 The FMV immediately after the fire was $35,000 (value of the land). How do i file taxes from 2009 You collected $130,000 from the insurance company. How do i file taxes from 2009 Your adjusted gross income for the year the fire occurred is $80,000. How do i file taxes from 2009 Your deduction for the casualty loss is $6,700, figured in the following manner. How do i file taxes from 2009 1. How do i file taxes from 2009 Adjusted basis of the entire property (cost in this example) $144,800 2. How do i file taxes from 2009 FMV of entire property  before fire $180,000 3. How do i file taxes from 2009 FMV of entire property after fire 35,000 4. How do i file taxes from 2009 Decrease in FMV of entire property (line 2 − line 3) $145,000 5. How do i file taxes from 2009 Loss (smaller of line 1 or line 4) $144,800 6. How do i file taxes from 2009 Subtract insurance 130,000 7. How do i file taxes from 2009 Loss after reimbursement $14,800 8. How do i file taxes from 2009 Subtract $100 100 9. How do i file taxes from 2009 Loss after $100 rule $14,700 10. How do i file taxes from 2009 Subtract 10% of $80,000 AGI 8,000 11. How do i file taxes from 2009 Casualty loss deduction $ 6,700 Example 2. How do i file taxes from 2009 You bought your home a few years ago. How do i file taxes from 2009 You paid $150,000 ($10,000 for the land and $140,000 for the house). How do i file taxes from 2009 You also spent an additional $2,000 for landscaping. How do i file taxes from 2009 This year a fire destroyed your home. How do i file taxes from 2009 The fire also damaged the shrubbery and trees in your yard. How do i file taxes from 2009 The fire was your only casualty or theft loss this year. How do i file taxes from 2009 Competent appraisers valued the property as a whole at $175,000 before the fire, but only $50,000 after the fire. How do i file taxes from 2009 Shortly after the fire, the insurance company paid you $95,000 for the loss. How do i file taxes from 2009 Your adjusted gross income for this year is $70,000. How do i file taxes from 2009 You figure your casualty loss deduction as follows. How do i file taxes from 2009 1. How do i file taxes from 2009 Adjusted basis of the entire property (cost of land, building, and landscaping) $152,000 2. How do i file taxes from 2009 FMV of entire property  before fire $175,000 3. How do i file taxes from 2009 FMV of entire property after fire 50,000 4. How do i file taxes from 2009 Decrease in FMV of entire property (line 2 − line 3) $125,000 5. How do i file taxes from 2009 Loss (smaller of line 1 or line 4) $125,000 6. How do i file taxes from 2009 Subtract insurance 95,000 7. How do i file taxes from 2009 Loss after reimbursement $30,000 8. How do i file taxes from 2009 Subtract $100 100 9. How do i file taxes from 2009 Loss after $100 rule $29,900 10. How do i file taxes from 2009 Subtract 10% of $70,000 AGI 7,000 11. How do i file taxes from 2009 Casualty loss deduction $ 22,900 Personal property. How do i file taxes from 2009   Personal property is any property that is not real property. How do i file taxes from 2009 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. How do i file taxes from 2009 Then combine these separate losses to figure the total loss. How do i file taxes from 2009 Reduce the total loss by $100 and 10% of your adjusted gross income to figure the loss deduction. How do i file taxes from 2009 Example 1. How do i file taxes from 2009 In August, a storm destroyed your pleasure boat, which cost $18,500. How do i file taxes from 2009 This was your only casualty or theft loss for the year. How do i file taxes from 2009 Its FMV immediately before the storm was $17,000. How do i file taxes from 2009 You had no insurance, but were able to salvage the motor of the boat and sell it for $200. How do i file taxes from 2009 Your adjusted gross income for the year the casualty occurred is $70,000. How do i file taxes from 2009 Although the motor was sold separately, it is part of the boat and not a separate item of property. How do i file taxes from 2009 You figure your casualty loss deduction as follows. How do i file taxes from 2009 1. How do i file taxes from 2009 Adjusted basis (cost in this example) $18,500 2. How do i file taxes from 2009 FMV before storm $17,000 3. How do i file taxes from 2009 FMV after storm 200 4. How do i file taxes from 2009 Decrease in FMV  (line 2 − line 3) $16,800 5. How do i file taxes from 2009 Loss (smaller of line 1 or line 4) $16,800 6. How do i file taxes from 2009 Subtract insurance -0- 7. How do i file taxes from 2009 Loss after reimbursement $16,800 8. How do i file taxes from 2009 Subtract $100 100 9. How do i file taxes from 2009 Loss after $100 rule $16,700 10. How do i file taxes from 2009 Subtract 10% of $70,000 AGI 7,000 11. How do i file taxes from 2009 Casualty loss deduction $ 9,700 Example 2. How do i file taxes from 2009 In June, you were involved in an auto accident that totally destroyed your personal car and your antique pocket watch. How do i file taxes from 2009 You had bought the car for $30,000. How do i file taxes from 2009 The FMV of the car just before the accident was $17,500. How do i file taxes from 2009 Its FMV just after the accident was $180 (scrap value). How do i file taxes from 2009 Your insurance company reimbursed you $16,000. How do i file taxes from 2009 Your watch was not insured. How do i file taxes from 2009 You had purchased it for $250. How do i file taxes from 2009 Its FMV just before the accident was $500. How do i file taxes from 2009 Your adjusted gross income for the year the accident occurred is $97,000. How do i file taxes from 2009 Your casualty loss deduction is zero, figured as follows. How do i file taxes from 2009     Car Watch 1. How do i file taxes from 2009 Adjusted basis (cost) $30,000 $250 2. How do i file taxes from 2009 FMV before accident $17,500 $500 3. How do i file taxes from 2009 FMV after accident 180 -0- 4. How do i file taxes from 2009 Decrease in FMV (line 2 − line 3) $17,320 $500 5. How do i file taxes from 2009 Loss (smaller of line 1 or line 4) $17,320 $250 6. How do i file taxes from 2009 Subtract insurance 16,000 -0- 7. How do i file taxes from 2009 Loss after reimbursement $1,320 $250 8. How do i file taxes from 2009 Total loss $1,570 9. How do i file taxes from 2009 Subtract $100 100 10. How do i file taxes from 2009 Loss after $100 rule $1,470 11. How do i file taxes from 2009 Subtract 10% of $97,000 AGI 9,700 12. How do i file taxes from 2009 Casualty loss deduction $ -0- Both real and personal properties. How do i file taxes from 2009   When a casualty involves both real and personal properties, you must figure the loss separately for each type of property. How do i file taxes from 2009 However, you apply a single $100 reduction to the total loss. How do i file taxes from 2009 Then, you apply the 10% rule to figure the casualty loss deduction. How do i file taxes from 2009 Example. How do i file taxes from 2009 In July, a hurricane damaged your home, which cost you $164,000 including land. How do i file taxes from 2009 The FMV of the property (both building and land) immediately before the storm was $170,000 and its FMV immediately after the storm was $100,000. How do i file taxes from 2009 Your household furnishings were also damaged. How do i file taxes from 2009 You separately figured the loss on each damaged household item and arrived at a total loss of $600. How do i file taxes from 2009 You collected $50,000 from the insurance company for the damage to your home, but your household furnishings were not insured. How do i file taxes from 2009 Your adjusted gross income for the year the hurricane occurred is $65,000. How do i file taxes from 2009 You figure your casualty loss deduction from the hurricane in the following manner. How do i file taxes from 2009 1. How do i file taxes from 2009 Adjusted basis of real property (cost in this example) $164,000 2. How do i file taxes from 2009 FMV of real property before hurricane $170,000 3. How do i file taxes from 2009 FMV of real property after hurricane 100,000 4. How do i file taxes from 2009 Decrease in FMV of real property (line 2 − line 3) $70,000 5. How do i file taxes from 2009 Loss on real property (smaller of line 1 or line 4) $70,000 6. How do i file taxes from 2009 Subtract insurance 50,000 7. How do i file taxes from 2009 Loss on real property after reimbursement $20,000 8. How do i file taxes from 2009 Loss on furnishings $600 9. How do i file taxes from 2009 Subtract insurance -0- 10. How do i file taxes from 2009 Loss on furnishings after reimbursement $600 11. How do i file taxes from 2009 Total loss (line 7 plus line 10) $20,600 12. How do i file taxes from 2009 Subtract $100 100 13. How do i file taxes from 2009 Loss after $100 rule $20,500 14. How do i file taxes from 2009 Subtract 10% of $65,000 AGI 6,500 15. How do i file taxes from 2009 Casualty loss deduction $14,000 Property used partly for business and partly for personal purposes. How do i file taxes from 2009   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 portion and for the business or income-producing portion. How do i file taxes from 2009 You must figure each loss separately because the losses attributed to these two uses are figured in two different ways. How do i file taxes from 2009 When figuring each loss, allocate the total cost or basis, the FMV before and after the casualty or theft loss, and the insurance or other reimbursement between the business and personal use of the property. How do i file taxes from 2009 The $100 rule and the 10% rule apply only to the casualty or theft loss on the personal-use portion of the property. How do i file taxes from 2009 Example. How do i file taxes from 2009 You own a building that you constructed on leased land. How do i file taxes from 2009 You use half of the building for your business and you live in the other half. How do i file taxes from 2009 The cost of the building was $400,000. How do i file taxes from 2009 You made no further improvements or additions to it. How do i file taxes from 2009 A flood in March damaged the entire building. How do i file taxes from 2009 The FMV of the building was $380,000 immediately before the flood and $320,000 afterwards. How do i file taxes from 2009 Your insurance company reimbursed you $40,000 for the flood damage. How do i file taxes from 2009 Depreciation on the business part of the building before the flood totaled $24,000. How do i file taxes from 2009 Your adjusted gross income for the year the flood occurred is $125,000. How do i file taxes from 2009 You have a deductible business casualty loss of $10,000. How do i file taxes from 2009 You do not have a deductible personal casualty loss because of the 10% rule. How do i file taxes from 2009 You figure your loss as follows. How do i file taxes from 2009     Business   Personal     Part   Part 1. How do i file taxes from 2009 Cost (total $400,000) $200,000   $200,000 2. How do i file taxes from 2009 Subtract depreciation 24,000   -0- 3. How do i file taxes from 2009 Adjusted basis $176,000   $200,000 4. How do i file taxes from 2009 FMV before flood (total $380,000) $190,000   $190,000 5. How do i file taxes from 2009 FMV after flood (total $320,000) 160,000   160,000 6. How do i file taxes from 2009 Decrease in FMV  (line 4 − line 5) $30,000   $30,000 7. How do i file taxes from 2009 Loss (smaller of line 3 or line 6) $30,000   $30,000 8. How do i file taxes from 2009 Subtract insurance 20,000   20,000 9. How do i file taxes from 2009 Loss after reimbursement $10,000   $10,000 10. How do i file taxes from 2009 Subtract $100 on personal-use property -0-   100 11. How do i file taxes from 2009 Loss after $100 rule $10,000   $9,900 12. How do i file taxes from 2009 Subtract 10% of $125,000 AGI on personal-use property -0-   12,500 13. How do i file taxes from 2009 Deductible business loss $10,000     14. How do i file taxes from 2009 Deductible personal loss $-0- Figuring a Gain If you receive an insurance payment or other reimbursement that is more than your adjusted basis in the destroyed, damaged, or stolen property, you have a gain from the casualty or theft. How do i file taxes from 2009 Your gain is figured as follows. How do i file taxes from 2009 The amount you receive (discussed next), minus Your adjusted basis in the property at the time of the casualty or theft. How do i file taxes from 2009 See Adjusted Basis , earlier, for information on adjusted basis. How do i file taxes from 2009 Even if the decrease in FMV of your property is smaller than the adjusted basis of your property, use your adjusted basis to figure the gain. How do i file taxes from 2009 Amount you receive. How do i file taxes from 2009   The amount you receive includes any money plus the value of any property you receive minus any expenses you have in obtaining reimbursement. How do i file taxes from 2009 It also includes any reimbursement used to pay off a mortgage or other lien on the damaged, destroyed, or stolen property. How do i file taxes from 2009 Example. How do i file taxes from 2009 A hurricane destroyed your personal residence and the insurance company awarded you $145,000. How do i file taxes from 2009 You received $140,000 in cash. How do i file taxes from 2009 The remaining $5,000 was paid directly to the holder of a mortgage on the property. How do i file taxes from 2009 The amount you received includes the $5,000 reimbursement paid on the mortgage. How do i file taxes from 2009 Main home destroyed. How do i file taxes from 2009   If you have a gain because your main home was destroyed, you generally can exclude the gain from your income as if you had sold or exchanged your home. How do i file taxes from 2009 You may be able to exclude up to $250,000 of the gain (up to $500,000 if married filing jointly). How do i file taxes from 2009 To exclude a gain, you generally must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date it was destroyed. How do i file taxes from 2009 For information on this exclusion, see Publication 523. How do i file taxes from 2009 If your gain is more than the amount you can exclude, but you buy replacement property, you may be able to postpone reporting the excess gain. How do i file taxes from 2009 See Postponement of Gain , later. How do i file taxes from 2009 Reporting a gain. How do i file taxes from 2009   You generally must report your gain as income in the year you receive the reimbursement. How do i file taxes from 2009 However, you do not have to report your gain if you meet certain requirements and choose to postpone reporting the gain according to the rules explained under Postponement of Gain, next. How do i file taxes from 2009   For information on how to report a gain, see How To Report Gains and Losses , later. How do i file taxes from 2009    If you have a casualty or theft gain on personal-use property that you choose to postpone reporting (as explained next) and you also have another casualty or theft loss on personal-use property, do not consider the gain you are postponing when figuring your casualty or theft loss deduction. How do i file taxes from 2009 See 10% Rule under Deduction Limits, earlier. How do i file taxes from 2009 Postponement of Gain Do not report a gain if you receive reimbursement in the form of property similar or related in service or use to the destroyed or stolen property. How do i file taxes from 2009 Your basis in the new property is generally the same as your adjusted basis in the property it replaces. How do i file taxes from 2009 You must ordinarily report the gain on your stolen or destroyed property if you receive money or unlike property as reimbursement. How do i file taxes from 2009 However, you can choose to postpone reporting the gain if you purchase property that is similar or related in service or use to the stolen or destroyed property within a specified replacement period, discussed later. How do i file taxes from 2009 You also can choose to postpone reporting the gain if you purchase a controlling interest (at least 80%) in a corporation owning property that is similar or related in service or use to the property. How do i file taxes from 2009 See Controlling interest in a corporation , later. How do i file taxes from 2009 If you have a gain on damaged property, you can postpone reporting the gain if you spend the reimbursement to restore the property. How do i file taxes from 2009 To postpone reporting all the gain, the cost of your replacement property must be at least as much as the reimbursement you receive. How do i file taxes from 2009 If the cost of the replacement property is less than the reimbursement, you must include the gain in your income up to the amount of the unspent reimbursement. How do i file taxes from 2009 Example. How do i file taxes from 2009 In 1970, you bought an oceanfront cottage for your personal use at a cost of $18,000. How do i file taxes from 2009 You made no further improvements or additions to it. How do i file taxes from 2009 When a storm destroyed the cottage this January, the cottage was worth $250,000. How do i file taxes from 2009 You received $146,000 from the insurance company in March. How do i file taxes from 2009 You had a gain of $128,000 ($146,000 − $18,000). How do i file taxes from 2009 You spent $144,000 to rebuild the cottage. How do i file taxes from 2009 Since this is less than the insurance proceeds received, you must include $2,000 ($146,000 − $144,000) in your income. How do i file taxes from 2009 Buying replacement property from a related person. How do i file taxes from 2009   You cannot postpone reporting a gain from a casualty or theft if you buy the replacement property from a related person (discussed later). How do i file taxes from 2009 This rule applies to the following taxpayers. How do i file taxes from 2009 C corporations. How do i file taxes from 2009 Partnerships in which more than 50% of the capital or profits interests is owned by C corporations. How do i file taxes from 2009 All others (including individuals, partnerships — other than those in (2) — and S corporations) if the total realized gain for the tax year on all destroyed or stolen properties on which there are realized gains is more than $100,000. How do i file taxes from 2009 For casualties and thefts described in (3) above, gains cannot be offset by any losses when determining whether the total gain is more than $100,000. How do i file taxes from 2009 If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. How do i file taxes from 2009 If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. How do i file taxes from 2009 Exception. How do i file taxes from 2009   This rule does not apply if the related person acquired the property from an unrelated person within the period of time allowed for replacing the destroyed or stolen property. How do i file taxes from 2009 Related persons. How do i file taxes from 2009   Under this rule, related persons include, for example, a parent and child, a brother and sister, a corporation and an individual who owns more than 50% of its outstanding stock, and two partnerships in which the same C corporations own more than 50% of the capital or profits interests. How do i file taxes from 2009 For more information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. How do i file taxes from 2009 Death of a taxpayer. How do i file taxes from 2009   If a taxpayer dies after having a gain but before buying replacement property, the gain must be reported for the year in which the decedent realized the gain. How do i file taxes from 2009 The executor of the estate or the person succeeding to the funds from the casualty or theft cannot postpone reporting the gain by buying replacement property. How do i file taxes from 2009 Replacement Property You must buy replacement property for the specific purpose of replacing your destroyed or stolen property. How do i file taxes from 2009 Property you acquire as a gift or inheritance does not qualify. How do i file taxes from 2009 You do not have to use the same funds you receive as