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Reporting Casualties Under the New US Personal Income Tax Regimen – Thefts Not So Much

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

The new Tax Cuts and Jobs Act (TCJA) amends Internal Revenue Code Section 165 further restricting our ability as individual taxpayers to write off CASUALTY LOSSES going forward solely to 'disaster areas' as declared by the POTUS. Say whaaaat ?!?!?!?!?!?!?!? Effective immediately this new restriction

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Posted in Casualty Loss, Theft Loss

Disaster Losses Including Casualty and Theft IRS Publication 547 – IRS Form 4684

If you take one look at FEMA’s website, it’s clear that we are going to see a significant increase in the number of casualty losses going forward. Should you find yourself a victim of a disaster or a casualty or theft loss it is

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Posted in Casualty Loss, Disaster Loss, Theft Loss

Taxable and Non Taxable Settlements

I've been getting quite a few calls lately from taxpayers that have received 'settlement' money and are confused over the prospective tax ramifications of receiving such money.   The Internal Revenue Service recognizes that receiving a settlement award (amount) from

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Posted in Capital Gain, Capital Loss, Casualty Loss, Estimated Taxes, Tax Fraud, Tax Guidance & Preparation, Taxable Income

Casualty and Theft Loss – IRS Form 4684

Your vehicle was hit by hail and the insurance company agreed to compensate you $4,600 AND allow you to keep the vehicle AND not issue you a salvage title.  In most situations this is non reportable.  However not always.  This

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Posted in Casualty Loss, Theft Loss

IRS Provides Relief for Homeowners with Corrosive Drywall

The Internal Revenue Service today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables affected taxpayers to treat damages

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Posted in Casualty Loss, Deductible Expense, Tax Problems & Requests, Tax Relief

Determining the Amout of Disaster Loss to Claim for a Business Asset

Start with the cost basis of each asset along with a fair market value (FMV) of each asset both before and after the disaster.  Be prepared to substantiate.  The next piece of data needed is the amount of reimbursement you

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Posted in Asset Classification, Business Expense, Casualty Loss, Disaster Loss

Casualty, Disaster and Theft Loss Deduction

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because

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Posted in Asset Classification, Casualty Loss, Disaster Loss, Theft Loss
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