Publication 547 |
2001 Tax Year |
Introduction
This publication explains the tax treatment of casualties, thefts,
and losses on deposits. A casualty
occurs when your property is damaged
as a result of a disaster such as a hurricane, fire, car accident, or
similar event. A theft
occurs if someone steals your
property. A
loss on deposits
occurs when your financial institution becomes insolvent or
bankrupt.
This publication discusses the following topics.
- Definitions of a casualty, theft, and loss on
deposits.
- How to figure the amount of your gain or loss.
- How to treat insurance and other reimbursements you
receive.
- The deduction limits.
- When and how to report a casualty or theft.
- The special rules for disaster area losses.
Forms to file.
When you have a casualty or theft, you have to file Form 4684. You
will also have to file one or more of the following forms.
- Schedule A (Form 1040)
- Schedule D (Form 1040)
- Form 4797
For details on which form to use, see How To Report Gains
and Losses, later.
Condemnations.
For information on condemnations of property, see Involuntary
Conversions in chapter 1 of Publication 544.
Workbooks for casualties and thefts.
Publication 584
is available to help you make a list of your stolen
or damaged personal-use property and figure your loss. It includes
schedules to help you figure the loss on your home and its contents,
and your motor vehicles.
New Publication 584-B
is available to help you make a list of your
stolen or damaged business or income-producing property and figure
your loss.
Comments and suggestions.
We welcome your comments about this publication and your
suggestions for future editions.
You can e-mail us while visiting our web site at
www.irs.gov.
You can write to us at the following address:
Internal Revenue Service
Technical Publications Branch
W:CAR:MP:FP:P
1111 Constitution Ave. NW
Washington, DC 20224
We respond to many letters by telephone. Therefore, it would be
helpful if you would include your daytime phone number, including the
area code, in your correspondence.
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