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previous page Previous Page: Publication 527 - Residential Rental Property (Including Rental of Vacation Homes) - Limits on Rental Losses
next page Next Page: Publication 527 - Residential Rental Property (Including Rental of Vacation Homes) - Illustrated Example
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taxmap/pubs/p527-009.htm#en_us_publink100027365

Casualties and Thefts(p14)


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As a result of a casualty or theft, you may have a loss related to your rental property. You may be able to deduct the loss on your income tax return.
taxmap/pubs/p527-009.htm#en_us_publink100027366

Casualty.(p14)


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This is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Such events include a storm, fire, or earthquake.
taxmap/pubs/p527-009.htm#en_us_publink100027367

Theft.(p14)


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This is defined as the unlawful taking and removing of your money or property with the intent to deprive you of it.
taxmap/pubs/p527-009.htm#en_us_publink100027368

Gain from casualty or theft.(p14)


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It is also possible to have a gain from a casualty or theft if you receive money, including insurance, that is more than your adjusted basis in the property. Generally, you must report this gain. However, under certain circumstances, you may defer paying tax by choosing to postpone reporting the gain. To do this, you generally must buy replacement property within 2 years after the close of the first tax year in which any part of your gain is realized. Generally, the replacement period is 5 years for property located in disaster areas. The cost of the replacement property must be equal to or more than the net insurance or other payment you received.
taxmap/pubs/p527-009.htm#en_us_publink100069603

More information.(p14)


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For information on business and nonbusiness casualty and theft losses, see Publication 547.
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How to report.(p14)


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If you had a casualty or theft that involved property used in your rental activity, figure the net gain or loss in Section B of Form 4684, Casualties and Thefts. Follow the Instructions for Form 4684 for where to carry your net gain or loss.
previous pagePrevious Page: Publication 527 - Residential Rental Property (Including Rental of Vacation Homes) - Limits on Rental Losses
next pageNext Page: Publication 527 - Residential Rental Property (Including Rental of Vacation Homes) - Illustrated Example
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication