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previous page Previous Page: Publication 17 - Your Federal Income Tax - Deduction Limits
next page Next Page: Publication 17 - Your Federal Income Tax - How To Report Gains and Losses
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication
taxmap/pub17/p17-142.htm#en_us_publink100034299

When To Report  
Gains and Losses(p173)


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previous topic occurrence Sale of Property, Gain or Loss next topic occurrence

taxmap/pub17/p17-142.htm#en_us_publink100034300

Gains.(p173)


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previous topic occurrence Gain next topic occurrence

If you receive an insurance or other reimbursement that is more than your adjusted basis in the destroyed or stolen property, you have a gain from the casualty or theft. You must include this gain in your income in the year you receive the reimbursement, unless you choose to postpone reporting the gain as explained in Publication 547.
If you have a loss, see Table 25-2.
taxmap/pub17/p17-142.htm#f10311g2702

Table 25-2.  When To Deduct a Loss

IF you have a loss... THEN deduct it in the year...
from a casualty,the loss occurred.
in a federally declared disaster area,the disaster occurred or the year immediately before the disaster.
from a theft, the theft was discovered.
on a deposit treated as a: 
• casualty, • a reasonable estimate can be made.
• bad debt, • deposits are totally worthless.
• ordinary loss, • a reasonable estimate can be made.
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Losses.(p173)


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Generally, you can deduct a casualty loss that is not reimbursable only in the tax year in which the casualty occurred. This is true even if you do not repair or replace the damaged property until a later year.
You can deduct theft losses that are not reimbursable only in the year you discover your property was stolen.
If you are not sure whether part of your casualty or theft loss will be reimbursed, do not deduct that part until the tax year when you become reasonably certain that it will not be reimbursed.
taxmap/pub17/p17-142.htm#en_us_publink100034302

Loss on deposits.(p173)


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previous topic occurrence Loss on Deposits next topic occurrence

If your loss is a loss on deposits in an insolvent or bankrupt financial institution, see Loss on Deposits, earlier.
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Disaster Area Loss(p173)


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previous topic occurrence Disaster next topic occurrence

You generally must deduct a casualty loss in the year it occurred. However, if you have a casualty loss from a federally declared disaster or a Kansas disaster that occurred in an area warranting public or individual assistance (or both) or from a Midwestern disaster, you can choose to deduct the loss on your tax return or amended return for either of the following years.
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Gains.(p173)


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previous topic occurrence Gain next topic occurrence

Special rules apply if you choose to postpone reporting gain on property damaged or destroyed in a federally declared disaster area. For those special rules, see Publication 547.
taxmap/pub17/p17-142.htm#en_us_publink100034305

Postponed tax deadlines.(p173)


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previous topic occurrence Postponed Tax Deadlines next topic occurrence

The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. The tax deadlines the IRS may postpone include those for filing income and employment tax returns, paying income and employment taxes, and making contributions to a traditional IRA or Roth IRA.
If any tax deadline is postponed, the IRS will publicize the postponement in your area by publishing a news release, revenue ruling, revenue procedure, notice, announcement, or other guidance in the Internal Revenue Bulletin (IRB).
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Who is eligible.(p173)
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If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement.
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Covered disaster area.(p173)
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This is an area of a federally declared disaster in which the IRS has decided to postpone tax deadlines for up to 1 year.
taxmap/pub17/p17-142.htm#en_us_publink100034308

Abatement of interest and penalties.(p173)


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Abatement of interest and penalties.

The IRS may abate the interest and penalties on underpaid income tax for the length of any postponement of tax deadlines.
taxmap/pub17/p17-142.htm#en_us_publink100034309

More information.(p173)


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For more information, see Disaster Area Losses in Publication 547.
previous pagePrevious Page: Publication 17 - Your Federal Income Tax - Deduction Limits
next pageNext Page: Publication 17 - Your Federal Income Tax - How To Report Gains and Losses
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication