Casualty, Theft and Disaster Losses
After taxpayers suffer a casualty, theft or disaster, taxes are probably the last thing on their minds. Tax laws can offer some help for loss victims, and victims of a presidentially declared disaster could use their tax filing to obtain much-needed cash. This course helps a tax professional identify and report casualty, theft and disaster losses. Additionally, the tax provisions of insurance reimbursements, disaster assistance, disaster payments, reconstruction of records, and calculation of losses are covered.
Upon completion of this course, you will be able to:
- Identify casualty, theft and disaster losses.
- Determine how to handle insurance reimbursements and disaster payments.
- Explain how to reconstruct a taxpayer’s records.
- Calculate and report the loss on Form 4684, Casualties and Thefts.
- Calculate the basis of replacement property.
This course includes an e-book. CPE is issued after exam is successfully completed.