Hello, if you have been affected by the recent hurricanes Harvey or Irma, these messages are for you. I'm Michael Plotz, an accountant here in Houston. I dress like this because I fight and arrest for a living. I have 20 years of experience fighting the IRS and I'm known as the black belt in IRS taxation. Today, we are going to talk about what the IRS does for people who have been victims of Harvey or Irma hurricanes. I'm going to share three things with you today. Number one: The IRS has given additional time to everybody who has been affected by these two horrible hurricanes. This additional time applies to those who had an extension file with a deadline of October 15th. The IRS gives you until the end of January next year, January 31st, 2018, to file your returns. This applies to anyone who had an extension until October and anyone who is in the parts of Texas affected by hurricane Harvey, the entirety of Florida, and the entire state of Georgia, the two states that have been affected by Irma. So, if you've been a victim of Harvey or Irma, the IRS gives you more time to file your returns until the end of January. That's point number one. The second point is that even though you have extra time, you may not want to wait. Normally, this is how it works with the IRS: you would wait until the year after something happened. Hurricane Irma happened in 2017, so you'd have to wait until the spring of 2018 to file a tax return for the year of the loss. However, in federally declared disasters such as Harvey and Irma, a lot of people do not know that you can claim losses even though they happened this year...
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Irs 4684 2024 Form: What You Should Know
A casualty or theft while you are carrying on a trade or business” means the occurrence of a casualty or theft through such causes as, for example, a building fire or an aircraft accident. For the sake of ease of compliance and simplicity, a “casualty or theft” is defined as any loss sustained by a taxpayer arising from an event occurring after discharge of the taxpayer's liabilities, the occurrence of which, or failure to occur, was caused by the taxpayer's conduct or reckless disregard of the risk. (In addition, a casualty or theft that occurs after the taxpayer's discharge of liabilities (other than a debt) is also treated as a loss for reporting purposes.) “The sale or exchange of your property while carried on a trade or business” means any sale, exchange, lease, or mortgage of property from which a gain arises. In addition, no gain or loss of any kind may accrue from a casualty or theft while you are carrying on a trade or business (within the meaning of IRC § 61(b)). “The loss of your home while you are carrying on a trade” means a loss for reporting purposes arising from such causes as a fire or other casualty, the damage or fire to, or disruption of, any habitation, dwelling, structure, or equipment. Also, no gain or loss of any kind may accrue from a casualty or theft when you are carrying on a trade or business. “The amount that you would be required to pay for the loss of your home in a taxable year” is your adjusted gross income for that taxable year. For detailed information relating to specific types and dates of casualty and theft losses, refer to the Instructions for Form 4684, or the summary on page 23 in the 2024 Instructions for Form 4684.
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