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previous page Previous Page: Publication 4492 - Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma - Charitable Giving Incentives
next page Next Page: Publication 4492 - Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma - Replacement Period for Nonrecognition of Gain
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taxmap/pubs/p4492-003.htm#TXMP49b1db66

Casualty and Theft Losses


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The following paragraphs explain changes to casualty and theft losses that were caused by Hurricane Katrina, Rita, or Wilma. For more information, see Publication 547.
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Limits on personal casualty or theft losses caused by Hurricane Katrina, Rita, or Wilma.


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The following losses to personal use property are not subject to the $100 or 10% of adjusted gross income limits. Qualifying losses include losses from flooding or other casualty, and from theft, that arose in the hurricane disaster area and that were caused by the hurricane.
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Special instructions for individuals who elect to claim a Hurricane Katrina, Rita, or Wilma casualty or theft loss for 2004.


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Casualty and theft losses are generally deductible only in the year the casualty occurred or theft was discovered. However, Hurricane Katrina, Rita, and Wilma are Presidentially declared disasters. Therefore, you can elect to deduct losses from these hurricanes on your tax return for the previous year. If you make this election, use the following additional instructions to complete your forms.
Individuals filing or amending their 2004 tax return whose only casualty or theft losses to personal use property claimed on that return were caused by Hurricane Katrina, Rita, or Wilma should write "Hurricane Katrina," "Hurricane Rita," or "Hurricane Wilma" at the top of Form 1040 or 1040X. They must also complete and attach the 2004 Form 4684 and write "Hurricane Katrina,""Hurricane Rita," or "Hurricane Wilma" on the dotted line next to line 11 and enter -0- on lines 11 and 17.
Individuals filing or amending their 2004 tax return who also have casualty or theft losses to personal use property not related to Hurricane Katrina, Rita, or Wilma should disregard the caution directing taxpayers to use only one Form 4684, located above line 13, and complete lines 13 through 18 on two Forms 4684. ,
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Time limit for making election.
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You must make this election to claim your casualty or theft loss in 2004 by the later of the following dates.
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Example.

If you are a calendar year individual taxpayer, you have until April 17, 2006, to amend your 2004 tax return to claim a casualty or theft loss that occurred during 2005.
previous pagePrevious Page: Publication 4492 - Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma - Charitable Giving Incentives
next pageNext Page: Publication 4492 - Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma - Replacement Period for Nonrecognition of Gain
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication