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Tax Implications

The IRS prints a booklet, "Casualties, Disasters and Thefts (Business and Nonbusiness)," Publication 547, which clearly explains:

  • How to determine what is deductible
  • To what extent a loss is deductible
  • How to claim a deduction on your tax return

To download Publication 547 from the IRS website, go to http://ftp.fedworld.gov/pub/irs-pdf/p547.pdf.

In order to report and deduct losses, you should use:

  • Form 4684, "Casualties and Thefts"
  • Schedule A of Form 1040
To download Form 4684 from the IRS website, go to http://ftp.fedworld.gov/pub/irs-pdf/f4684.pdf and for its instructions, go http://ftp.fedworld.gov/pub/irs-pdf/i4684.pdf.


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