Publication 547

Publication 547

A form published by the IRS explaining the tax treatment of theft, loss or destruction of assets. Some of these losses may be tax deductible. Publication 547 shows how these losses work. See also: Publication 584.
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Mancini countered that IRS Publication 547, Casualties, Disasters, and Thefts, suggests that physical damage might not be required for a casualty loss.
Internal Revenue Code (IRC) section 165(c)(3) defines a casualty event to be a "fire, storm shipwreck, or other casualty." As usually happens with ambiguous language in the the tax code, IRS Publication 547 attempts to clarify the definition of a casualty as the damage, destruction., or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual (http://bit.ly/ 2J99p3m).
See IRS Publication 547, "Casualties, Disasters, and Thefts," and Form 4684, "Casualties and Thefts," to claim a deduction for a loss.
* Whether a claim for reimbursement exists and whether there is a reasonable expectation for recovery of the loss (IRS Publication 547, Casualties, Disasters, and Thefts 3 (2009)).
Certain related costs aren't deductible as part of the casualty or theft loss, including costs for clean- up, repair of damaged property, property insurance, protecting property against casualty or theft (e.g., sand bags, boarding windows, etc.), and replacing property (see IRS Publication 547, p.
Taxpayers may also find it helpful to obtain copies of Internal Revenue Service (IRS) Publication 547 (Nonbusiness Disasters, Casualties and Thefts), Publication 584 (Nonbusiness Disaster Casualty and Theft Loss Workbook) and Publication 334 (Tax Guide for Small Business).
IRS Publication 547: Casualties, Disasters, and Thefts https://www.irs.gov/forms-pubs/about-publication-547