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Determining the Casualty and Theft Losses Deduction Webinar

Summary

For the years 2018-2025, business casualty and theft losses, along with theft losses from Ponzi-type investment schemes, remain deductible. However, personal casualty loss deductions are limited to those incurred in federally declared disaster areas. Generally, taxpayers may be able to deduct allowable personal, business or Ponzi losses if they will not be reimbursed by insurance fully or at all. This webinar addresses when a casualty loss or theft is a deductible event, how much the loss is, or if there is even a taxable event when insurance reimbursement is greater than the basis of the property. In addition, this webinar will go through the steps of reporting the loss on Form 4684, Casualties and Thefts.

Objectives

Upon completion of this course, you will be able to:

  • Determine whether a casualty loss is allowed
  • Identify the year a casualty loss may be claimed
  • Analyze casualty loss limitations
  • Determine Ponzi losses and treatment
  • Prepare Form 4684

Course Details

Subject matter experts will answer your questions during the presentation. We make every effort to answer as many questions as possible during the webinar but we may not be able to directly address every question.

This webinar includes the presentation slides, attendee top questions and access to the webinar recording.






   

Presented by: Kathy Morgan, EA, USTCP

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