Form 4684 for Georgia 2024-2025

Form 4684 for Georgia: What You Should Know

For example, if you sustained damage to your personal motor vehicle, you can deduct the full cost of the vehicle and not the fair market value (FMV) of the vehicle.  You must still account for all property you lost by other means, and you must include the FMV value of such property in the computation of your casualty loss. Other Property (Non-Personal Property) If you are able to recover any other property, but you did not lose a personal computer, you can still qualify for a loss in value from your business.  For more information refer to IRS Publication 926 — Property and Casualty Losses. Special Election for a Loss in Value from Personal Property You can elect to include in calculating the basis of an investment property you acquired after December 31, 2016, any personal property that suffered a casualty, even if the casualty occurred in 2025 or later. If you file Form 8938, you make the election to disregard the casualty loss for 2018. Your election has no immediate effect when figuring your property taxes for 2017.  Once the election is set in place, there is no further action to be taken. You must be a U.S. holder of the investment property and meet the requirements in IRC Section 1028(a)(2). You report the casualty in your 2025 gross income on Form 4871 and report the capital gain or loss on Schedule D, Capital Gains and Losses, but you do not report any of the gain or loss from any other sources on Form 4871.  The casualty is the loss in value of such investment property. The loss is reported only on Schedule D, Capital Gains and Losses in the year in which the casualty occurred. If you meet the requirements in IRC Section 1222, you can make the election without having to make the election in a subsequent year. For more information on the casualty election, refer to Pub 522. What if I Received an Incomplete Loss from a Personal Property If your losses are so incomplete that they are not reported on Schedule D, Capital Gains and Losses or in the statement of income, you may request an adjustment of the missing figures. See IRS Publication 970 — Voluntary Amendments and Reductions to the Statement of Income — Voluntary Amendments and Reductions to Schedule D, Capital Gain Income, and Losses.

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