Casualty, Theft and Disaster Losses Self-Study
Taxpayers who suffer a casualty, theft or disaster have a lot on their minds, and the last thing is probably their taxes. There are tax laws in place to offer help for loss victims, including those who could use their tax filing to obtain much-needed cash. Knowing this information sets you up to be a huge asset when your clients need you most. This course helps tax professionals identify and report casualty, theft and disaster losses. Additionally, you’ll learn the tax provisions of insurance reimbursements, disaster assistance, disaster payments, record reconstruction and how to calculate the value of lost items.
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.