Form 4684

Form 4684

A form that one files with the IRS to report losses from theft or casualty. With a few exceptions, these losses are tax deductible, provided that they do not come simply from misplaced property and that proper insurance claims are filed.
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Among other peculiarities, the return included a Form 4684, Casualties and Thefts, showing $350,000 in losses that Mrs.
See IRS Publication 547, "Casualties, Disasters, and Thefts," and Form 4684, "Casualties and Thefts," to claim a deduction for a loss.
The safe harbor provision of the revenue procedure requires the taxpayer to include the heading "Revenue Procedure 2010-36" at the top of Form 4684.
Under this line of reasoning, the Madoff theft loss would be reported on section A of the 2008 Form 4684 and will be subject to the $100 and 10% adjusted gross income (AGI) limitations.
Victims suffering casualty losses should complete Section A (personal use property) of IRS Form 4684, Casualties and Thefts, and carry the deductible loss to Schedule A of Form 1040.
In the case of personal-use property, the deduction is reported on Form 4684 and ultimately reported on Schedule A, Itemized Deductions.
In addition, taxpayers are required to complete and attach Form 4684, Casualty and Thefts, (Section A) to their filed tax return.
The delays affected those who filed Schedule A , Form 8917 Tuition and Fees Deduction, Form 4684 Casualties and Thefts, and/or those claiming the Educator Expense Deduction on Form 1040, line 23 and Form 1040A, line 16.
If distribution is due to a casualty or theft, the information necessary for the owner to complete Form 4684, Casualties and Thefts; and
Theft losses are claimed on Form 4684 and, after the computations are completed, are placed on Line 20 of Schedule A to the individual income tax return Form 1040.
Individual losses will be separated into real and personal property on Form 4684, Casualties and Thefts.
The revenue procedure instructs the taxpayer to mark "Revenue Procedure 2009-20" at the top of Form 4684, Casualties and Thefts, in the discovery year.