Hi, I'm here with Steve Elliott, our tax technical director at MRZ. We're going to talk a little bit about some recent tax relief changes that can help in the wake of several disasters, including hurricanes Harvey, Irma, Maria, and the California wildfires. - Steve is here to answer some of your questions regarding these relief measures. So, let's jump right in. - One topic that has been mentioned a lot is casualty losses and the possibility of taking deductions for such losses. Can you explain what a casualty loss is and how people can take advantage of the deduction related to it? - A casualty loss refers to a personal loss that occurs after considering all insurance receipts. For example, with damaged homes, the value of the property before and after the disaster is compared, taking into account any decrease in value. After subtracting insurance proceeds, if there is still a loss, it qualifies as a casualty loss. - It's important to note that this deduction applies to personal use property, not business-related assets. Casualty losses are claimed on Schedule A, itemized deductions. The IRS has implemented one change in this area, raising the minimum deductible floor from $100 to $500. - The good news is that those who have suffered a casualty loss due to a disaster can claim it on either their 2017 tax return or elect to claim it on their 2016 return. If the latter option is chosen, it's advisable to wait until the known value of the loss is complete. Even if someone has already filed their 2016 return, they can still amend it to include the casualty loss. - One important requirement is that the loss must be in excess of $500 and should not have already been claimed or recouped from insurance. - Additionally, normally a casualty loss is...
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4684 2024 Form: What You Should Know
Enter on Form 4684 a single amount less any amounts on lines 15a–15h, and lines 16, 17, and 18. Line 18 must be the total amount of the loss on a single Form 4684. If reporting a casualty loss sustained in 2024 from a federally declared. Form 4684 Theft and Casualty Loss Deduction — Priceline Use a separate Form 4684 for each casualty or theft. For tax years 2024 through 2025. Filing Instructions Form 4684 with Taxpayer Identification Number (TIN) You have a TIN if you're legally authorized to act on behalf of another person. Use a separate Form 4684 for each casualty or theft. Complete and attach Form 4684 to figure the amount of your loss. Only enter the amount from Form 4684, line 15, on line 15. Enter on Form 4684 a single amount less any amounts on lines 15a–15h, and lines 16, 17, and 18. Line 18 must be the total amount of the loss on a single Form 4684. Enter your TIN on line 10 of the form. Separately list any other taxes that may have been paid by your tax return or a return filed against it. If your name appears on a return filed against your return, see the Form 4684 Technical Instructions for information about where to report your casualty or theft loss. If your TIN is missing or incomplete. Do not file Form 4684 with or as part of your tax return. See Form 4632-S for information about missing or incomplete Tins. Enter the date you filed your tax return for the year, the TIN on line 15a, and the number of your 2024 Form 4684 on line 15b. Do not enter the TIN on line 14 if you filed Form 4656 (or Form 4656-A) as Part-Year returns to file the 2024 tax return. Tax Return With Amount of Damages Paid by Check and/or Credit Card You received a check or other form of payment from someone for damages that were not considered deductible in your filing status for the year. If the check was made out by a business or other taxpayer, provide Form 1099-MISC with the check. Form 1099-MISC is an information return that reports your share of an itemized deduction for payments you receive for goods or services. See Determining Deductions, later and the Instructions for Form 1099-MISC.
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