Iowa online Form 4684 2024-2025

Iowa online Form 4684: What You Should Know

Deduct your gain or loss against your basis in qualified property in the year you realize the gain. To determine whether you can deduct an amount, you must know your adjusted basis in your qualified property (Form 4684) and any adjustments made for depreciation, the replacement cost of the property, or the cost to you of any replacement property. An adjusted basis for a capital asset is the amount its cost to you (for depreciation) less any amount deductible under federal or state tax law. Qualified property includes: Your adjusted basis in qualified property cannot exceed the amount by which you reduce the basis of another asset, and you must have owned the other asset for more than 10 taxable years. The value of the qualified property must not be less than 25,000. You may figure your deduction as a long-term capital gain or loss. You need to do this because the deduction is limited to the difference between: The total gain or loss from a casualty or theft The amount of gain or loss you could have made in that year if you had realized the entire gain or loss. Incentive Limitation for Property Losses and the Tax Treatment of Certain Other Deductions.  You cannot deduct an amount in excess of the loss you actually realize in the year you realize it. If you claim a loss for a casualty or theft, your adjusted basis in the stolen property cannot exceed the amount of the loss you realize. For taxable years beginning before 2002, you may also deduct a deduction equal to 2,500 for property losses from casualty or theft. These amounts, which are not taxable, are allowed as a tax credit, and are in addition to all other federal credits. For more information on the tax treatment of property losses and credits, see Pub. 550. For more information on the loss limit, see Pub. 550. For more information about the exclusion and the recapture of losses, see Pub. 560. For more information on recapture of losses, see Pub. 560. For more information on the casualty or theft exclusion, see Pub. 560. For more information about depreciation deductions, see Pub. 560. For additional information on the federal tax treatment of personal property theft, see the Illinois Department of Revenue and the General Assembly's tax code website.

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