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taxmap/pub17/p17-143.htm#en_us_publink1000173639

When To Report  
Gains and Losses(p177)


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

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Gains.(p177)


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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/p17-143.htm#en_us_publink1000173642

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.(p177)


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previous topic occurrence Loss next topic occurrence

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.
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Loss on deposits.(p177)


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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(p177)


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You generally must deduct a casualty loss in the year it occurred. However, if you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), 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.(p177)


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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.
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Postponed tax deadlines.(p177)


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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.(p177)
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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.(p178)
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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.
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Abatement of interest and penalties.(p178)


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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.
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More information.(p178)


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For more information, see Disaster Area Losses in Publication 547.