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Itemized Deduction5

Casulty and Theft Loss

QuestionAnswer
What characteristics must an event have to qualify as a casualty or theft A casualty or theft is the result of an identifiable event of a sudden,unexpected, or unusual nature
What types of damage or destruction qualify as casualties or thefts Severe weather,flood,fire,accident, earth-quake, vandalism,terrorist attack,tidal wave,and unlawful taking of property
Name some types of losses that woul not qualify as a casualty or theft Damages paid for injury to another person or property owned by another person,damages caused through ordinary use, or by di-sease,insects,or progressive deterior-ation,and loss or disappearance of property without evidence a casualty or theft occurred
By what amounts must all casualty and theft losses of personal-use property be reduced such losses must be reduced by(1)insurance and other reimbursements(2)$100 and (3)10% of AGI
May a taxpayer claim a casulty loss for unisured damages to his dependent teenager's car if the car is registerd in the depend-ent's name No
If the car is registered jointly in the taxpayer's and dependent's names Yes
What information must you obtain to determine the amount of a casualty or theft loss The adjusted basis and the FMV of the property before and after the casualty or theft
What can be used as a measure of the decrease in FMV The cost of necessary clean-up or repairs to the property to return it to the condition it was in immediately before the casualty
What is the allowable loss The lesser of the adjusted basis or the decrease in FMV
In what year is a casualty or theft loss deducted Generally in the year in which the casualty or theft occurred.However a casualty loss from a disaster occurring in an area the president declares warrants federal assist-ance may be deducted for the year of loss or by amending the previous year's return
Created by: dawn2000
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