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Pub. 584, Casualty, Disaster, and Theft Loss Workbook 2006 Tax Year

Publication 584 - Additional Material

This is archived information that pertains only to the 2006 Tax Year. If you
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Table of Contents

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    Entrance Hall

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    Living Room

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    Dining Room

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    Kitchen

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    Den

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    Bedrooms

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    Bathrooms

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    Recreation Room

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    Laundry and Basement

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    Garage

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    Sporting Equipment

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    Men's Clothing

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    Women's Clothing

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    Children's Clothing

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    Jewelry

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    Electrical Appliances

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    Linens

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    Miscellaneous

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    Motor Vehicles

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    Home (Excluding Contents)

    Worksheet A. Cost or Other (Adjusted) Basis

    Caution.See the Worksheet A Instructions before you use this worksheet.
            (a)
    Personal
    Part     		(b)
    Business/Rental Part
    1.   Enter the purchase price of the home damaged or destroyed. (If you filed Form 2119 when you originally acquired that home to postpone gain on the sale of a previous home before May 7, 1997, enter the adjusted basis of the new home from that Form 2119.) 1.    
    2.   Seller paid points for home bought after 1990. Do not include any seller-paid points you already subtracted to arrive at the amount entered on line 1 2.    
    3.   Subtract line 2 from line 1 3.    
    4.   Settlement fees or closing costs. (See Settlement costs in Publication 551.) If line 1 includes the adjusted basis of the new home from Form 2119, go to line 6.      
      a. Abstract and recording fees 4a.    
      b. Legal fees (including title search and preparing documents) 4b.    
      c. Surveys 4c.    
      d. Title insurance 4d.    
      e. Transfer or stamp taxes 4e.    
      f. Amounts that the seller owed that you agreed to pay (back taxes or interest, recording or mortgage fees, and sales commissions) 4f.    
      g. Other 4g.    
    5.   Add lines 4a through 4g 5.    
    6.   Cost of additions and improvements. (See Increases to Basis in Publication 551.) Do not include any additions and improvements included on line 1 6.    
    7.   Special tax assessments paid for local improvements, such as streets and sidewalks 7.    
    8.   Other increases to basis 8.    
    9.   Add lines 3, 5, 6, 7, and 8 9.    
    10.   Depreciation, related to the business use or rental of the home, (allowed or allowable) 10. 0  
    11.   Other decreases to basis (See Decreases to Basis in Publication 551.) 11.    
    12.   Add lines 10 and 11 12.    
    13.   Cost or other (adjusted) basis of home damaged or destroyed. Subtract line 12 from line 9. Enter here and on Schedule 20, line 2 13.    

    Worksheet A Instructions.

    If you use Worksheet A to figure the cost or other (adjusted) basis of your home, follow these instructions.
    IF...   THEN...
    you inherited your home 1 skip lines 1-4 of the worksheet.
    2 find your basis using the rules under Inherited Property in Publication 551. Enter this amount on line 5 of the worksheet.
    3 fill out the rest of the worksheet.
    you received your home as a gift 1 read Property Received as Gift in Publication 551 and enter on lines 1 and 3 of the worksheet either the donor's adjusted basis or the home's fair market value at the time of the gift, whichever is appropriate.
    2 if you can add any federal gift tax to your basis, enter that amount on line 5 of the worksheet.
    3 fill out the rest of the worksheet.
    you received your home as a trade 1 the basis of your home is generally the fair market value of the other property at the time of the trade. Enter this amount on line 1 of the worksheet. (But if you received your home as a trade for your previous home before May 7, 1997, and had a gain on the trade that you postponed using Form 2119, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119.)
    2 fill out the rest of the worksheet.
    you built your home 1 add the purchase price of the land and the cost of building the home. Enter that total on line 1 of the worksheet. (However, if you filed a Form 2119 to postpone gain on the sale of a previous home before May 7, 1997, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119.)
    2 fill out the rest of the worksheet.
    you received your home from your spouse after July 18, 1984 1 skip lines 1-4 of the worksheet.
    2 enter on line 5 of the worksheet your spouse's cost or other (adjusted) basis in the home just before you received it.
    3 fill out the rest of the worksheet, making adjustments to basis only for events after the transfer.
    you owned a home jointly with your spouse, who transferred his or her interest in the home to you after July 18, 1984  
      fill out one worksheet, including adjustments to basis for events both before and after the transfer.
     
    you received your home from your spouse before July 19, 1984 1 skip lines 1-4 of the worksheet.
    2 enter on line 5 of the worksheet the home's fair market value at the time you received it.
    3 fill out the rest of the worksheet, making adjustments to basis only for events after the transfer.
    you owned a home jointly with your spouse, and your spouse transferred his or her interest in the home to you before July 19, 1984 1 fill out a worksheet, lines 1-13, making adjustments to basis only for events before the transfer.
    2 multiply the amount on line 13 of that worksheet by one-half (0.5) to get the adjusted basis of your half-interest at the time of the transfer.
    3 multiply the fair market value of the home at the time of the transfer by one-half (0.5). Generally, this is the basis of the half-interest that your spouse owned.
    4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet.
    5 complete the rest of the second worksheet, making adjustments to basis only for events after the transfer.

    Worksheet A Instructions.(Continued)

    IF...   THEN...
    you owned your home jointly with your spouse who died 1 fill out a worksheet, lines 1-13, making adjustments to basis only for events before your spouse's death.
    2 multiply the amount on line 13 of that worksheet by one-half (0.5) to get the adjusted basis of your half-interest on the date of death.
    3 figure the basis for the half-interest owned by your spouse. This is one-half of the fair market value on the date of death (or alternate valuation date). (The basis in your half will remain one-half of the adjusted basis determined in step 2.)
    4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet.
    5 complete the rest of the second worksheet, making adjustments to basis only for events after your spouse's death.
    you owned your home jointly with your spouse who died, and your permanent home is in a community property state 1 skip lines 1-4 of the worksheet.
    2 enter the amount of your basis on line 5 of the worksheet. Generally, this is the fair market value of the home at the time of death. (But see Community Property in Publication 551 for special rules.)
    3 fill out the rest of the worksheet, making adjustments to basis only for events after your spouse's death.
    your home was ever damaged as a result of a prior casualty 1 on line 8 of the worksheet, enter any amounts you spent to restore the home to its condition before the prior casualty.
    2 on line 11 enter:
    any insurance reimbursements you received (or expect to receive) for the prior loss,
    and
    any deductible casualty losses from prior years not covered by insurance.
    the person who sold you your home paid points on your loan and you bought your home after 1990 but before April 4, 1994.   on line 2 enter the seller-paid points only if you deducted them as home mortgage interest in the year paid (unless you used the seller-paid points to reduce the amount on line 1).
    the person who sold you your home paid points on your loan and you bought your home after April 3, 1994   on line 2 enter the seller-paid points even if you did not deduct them (unless you used the seller-paid points to reduce the amount on line 1).
    you used part of the property as your home and part of it for business or to produce rental income   you must allocate the entries on Worksheet A between the personal part (column (a)) and the business/rental part (column (b)).
    none of these items apply   fill out the entire worksheet.

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