Form 4684 Illinois 2024-2025

Form 4684 Illinois: What You Should Know

You may deduct losses for casualty and theft if you meet all the following conditions. You suffered a loss. Furthermore, you were one of two or more taxpayers in your household, at any one time, who had losses and who were subject to the loss restriction at the time of the loss. Loss restriction: You must have owned the casualty or theft property on a permanent basis for more than 5 consecutive years, or At the time of the loss, the fair market value of the property in your household, at the market prices at the time of the loss, was in excess of 1,000,000. You must have a casualty or theft loss. You are not an individual taxpayer. An individual taxpayer is a person who has a 10 percent or more ownership interest in a corporation or is a trustee of a trust. This includes, but is not limited to, a trust, a partnership, an LLC, and an S corporation. Individuals cannot make a loss if they are self-employed. If the casualty or theft occurs on a farm, property you own has a 10 percent or more ownership interest. An individual taxpayer for purposes of the loss restrictions can also include a co-owner of a joint venture with a casualty or theft loss, that person's spouses, and their children. If the personal casualty or theft occurs on the farm of another taxpayer whose share of the farm is 20 percent or more ownership interest, the personal casualty or theft would not be personal. Individuals also do not have personal casualty loss restrictions if they were self-employed. The personal casualty or theft loss restriction does not count any casualty or theft loss of or theft from an income-producing property such as a farm, a partnership, or a business. If you are an individual taxpayer, you may also be able to reduce your loss on the casualty and theft deduction by electing a personal exemption for yourself. If you are a non-individual taxpayer, you may be able to reduce your loss on the casualty and theft deduction by electing a personal exemption for your dependents. You can use Form 4684 to claim a casualty or theft. To reduce your loss, you must: The casualty/theft event occurred during the taxable year. You must have been one of two or more taxpayers in your household, at any one time, who had losses and who were subject to the loss restriction at the time of the loss. You may be able to deduct losses for casualty and theft if you meet the conditions for the loss restriction.

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