Casualty, Theft and Disaster Losses Self-Study

Summary

Taxpayers who suffer a loss as the result of casualty, theft or disaster are usually focusing on recovering from their loss and not on the tax implications of their situation. However, there are tax laws in place to help them with their recovery, including some that can provide a much-needed cash infusion. Understanding the tax benefits available to those who suffer a loss from a casualty, theft, or disaster sets you up to be a huge asset when a client who suffered a loss needs you most. This course helps tax professionals identify and report casualty, theft and disaster losses. Additionally, you will learn the proper tax treatment of insurance reimbursements, disaster assistance and disaster payments. It will also address record reconstruction and how to calculate the value of lost items.

Objectives

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

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.