Chapter 18
Casualty and Theft Losses and Involuntary Conversions
18.1 Sudden Event Test for Casualty Losses
18.2 When To Deduct a Casualty Loss
18.4 Who May Deduct a Casualty Loss
18.6 Damage to Trees and Shrubs
18.7 Deducting Damage to Your Car
18.11 Nondeductible Casualty and Theft Losses
18.12 Floors for Personal-Use Property Losses
18.13 Figuring Your Loss on Form 4684
18.14 Personal and Business Use of Property
18.15 Repairs May Be a “Measure of Loss”
18.16 Insurance Reimbursements
18.17 Excess Living Costs Paid by Insurance Are Not Taxable
18.18 Do Your Casualty or Theft Losses Exceed Your Income?
18.19 Defer Gain by Replacing Property
18.20 Involuntary Conversions Qualifying for Tax Deferral
18.21 How To Elect To Defer Tax
18.22 Time Period for Buying Replacement Property
18.23 Types of Qualifying Replacement Property
18.24 Cost of Replacement Property Determines Postponed Gain
All casualty and theft losses are claimed on Form 4684. The tax treatment of an unreimbursed casualty or theft loss depends on the purpose for which you held the damaged, destroyed, or stolen property. A loss of property held for:
- Personal purposes is subject to the sudden events test (18.1) and a dollar floor (18.12) that reduces the deduction by $100. In addition, net losses for all personal-use ...
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