Casualty, Theft and Disaster Losses Self-Study
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, including when 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.
- Describe 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 and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.