Online Taxes   |   Expert Advice  |





Casualty & Theft Losses

The Internal Revenue Code (IRC) allows taxpayers to deduct  Casualty and theft losses (net of any insurance reimbursement) to their home, household items and vehicles. To qualify as Casualty loss, the damage must be caused by a sudden, unexpected, and unusual event.  Theft is defined as the taking and removing of property or money with the intent to deprive the owner of it. Lost or mislaid property is not considered a theft, to use it in your tax return, please click here.
The amount of casualty or theft loss that a taxpayer can deduct is the lesser of the adjusted basis of the damaged property, or the decrease in fair market value caused by casualty or theft, reduced by any insurance or other reimbursement you receive or expect to receive. Where do I report Casualty & Theft Losses Tax Deduction? This deduction can be claimed on Form 4684 (PDF), and  Form 1040, Schedule A Line 20.
Back to Table of Content   |   Questions About This Topic?
 FILE&ASKTM - your biggest tax refund EVER!
Tax Questions:     Ask your question

How long to I have to file an amended return?

list of tax deductions, tax deductions, tax deduction, free tax deduction, free tax deductions, best tax deductions, most common tax deductions
tax credits, tax credit, list of tax credits, free tax credits, free list of tax credits, best tax credits, most common tax credits