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previous page Previous Page: Publication 4492-B - Information for Affected Taxpayers in the Midwestern Disaster Area - Charitable Giving Incentives
next page Next Page: Publication 4492-B - Information for Affected Taxpayers in the Midwestern Disaster Area - Replacement Period for Nonrecognition of Gain
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication
taxmap/pubs/p4492b-002.htm#en_us_publink1000135454

Casualty and Theft Losses(p4)


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This benefit applies to the counties in both Tables 1 and 2. 
 
The following paragraphs explain changes to casualty and theft losses that were caused by the severe storms, tornadoes, or flooding in the Midwestern disaster areas. For more information, see Publication 547.
taxmap/pubs/p4492b-002.htm#en_us_publink1000135455

Limits on personal casualty or theft losses.(p4)


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Losses of personal use property that arose in a Midwestern disaster area on or after the applicable disaster date are not subject to the $100 or 10% of AGI limits. Qualifying losses include losses from casualties and thefts that arose in a Midwestern disaster area that were attributable to the severe storms, tornadoes, or flooding.
EIC
When completing Form 4684, do not include on line 17 any losses that arose in a Midwestern disaster area. A loss arising in a Midwestern disaster area is not considered a loss attributable to a federally declared disaster for purposes of that line and cannot be added to your standard deduction.
taxmap/pubs/p4492b-002.htm#en_us_publink1000102662

When to deduct the loss.(p5)


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Casualty and theft losses are generally deductible only in the year the casualty occurred or the theft was discovered. However, you can elect to deduct losses caused by the severe storms, tornadoes, or flooding on your return for the prior year.
taxmap/pubs/p4492b-002.htm#en_us_publink1000135456

Special instructions for individuals who elect to claim a Midwestern disaster area casualty or theft loss for 2007.(p5)


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Individuals filing or amending their 2007 tax return for casualty or theft losses that were attributable to the severe storms, tornadoes, or flooding should:
taxmap/pubs/p4492b-002.htm#en_us_publink1000135457

Time limit for making election.(p5)
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You must make this election to claim your casualty or theft loss in 2007 by the later of the following dates.
taxmap/pubs/p4492b-002.htm#en_us_publink1000135458

Example.(p5)

If you are a calendar year individual taxpayer, you have until April 15, 2009, to amend your 2007 tax return to claim a casualty or theft loss that occurred during 2008.
previous pagePrevious Page: Publication 4492-B - Information for Affected Taxpayers in the Midwestern Disaster Area - Charitable Giving Incentives
next pageNext Page: Publication 4492-B - Information for Affected Taxpayers in the Midwestern Disaster Area - Replacement Period for Nonrecognition of Gain
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication