Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

Free Efile

2011 1040 Tax FormsE File State Return1040ez Tax Booklet1040ez Tax TablesFree State Income Tax ReturnFederal Income Tax Forms 1040ezHow To File An Amended Tax Return For 2013Instructions For 1040ez1040x Instructions 2012How To File My 2012 Taxes1040x Tax Form 2012H&r Free1040x Electronically FileFree Efile Tax ReturnTurbotax 1040ez1040ez ComIrs Mailing Address 1040ezTax Form 1040xState Income Tax ReturnPa 1040ezWww H&rblockHttp Freefile Irs GovStates With No Retirement Income Tax1040x Instructions DummiesFree Filing State Taxes1040x Tax Return1040ez OnlineHow To File An Amended Return1040ez HelpIrs Tax Forms 1040ez2012 Federal Tax Form 1040ezState Income Tax FormsFree 2012 Tax HelpTurbotax 2012 State TaxesAarp Tax LocationsVita Free Tax Help20131040ezHandr BlockH&rblockonlineIrs Forms

Free Efile

Free efile Publication 4492-B - Additional Material Prev  Up  Next   Home   More Online Publications

Topic 515 - Casualty, Disaster, and Theft Losses (Including Federally Declared Disaster Areas)

Generally, you may deduct casualty and theft losses relating to your home, household items and vehicles on your federal income tax return. You may not deduct casualty and theft losses covered by insurance unless you file a timely claim for reimbursement, and you reduce the loss by the amount of any reimbursement or expected reimbursement.

A casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption. A casualty does not include normal wear and tear or progressive deterioration.

A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking must be illegal under the law of the state where it occurred and it must have been done with criminal intent.

If your property is personal-use property or is not completely destroyed, the amount of your casualty loss is the lesser of:

  • The adjusted basis of your property, or
  • The decrease in fair market value of your property as a result of the casualty

The amount of your theft loss is generally the adjusted basis of your property because the fair market value of your property immediately after the theft is considered to be zero.

If your property is business or income-producing property, such as rental property, and is completely destroyed, then the amount of your loss is your adjusted basis.

The loss, regardless of whether it is a casualty or theft loss, must be reduced by any salvage value and by any insurance or other reimbursement you receive or expect to receive. The adjusted basis of your property is usually your cost, increased or decreased by certain events such as improvements or depreciation. For more information about the basis of property, refer to Topic 703, Publication 547, Casualties, Disasters, and Thefts, and Publication 551, Basis of Assets. You may determine the decrease in fair market value by appraisal, or if certain conditions are met, by the cost of repairing the property. For more information, refer to Publication 547.

Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A (PDF) (or Form 1040NR, Schedule A (PDF), if you are a nonresident alien). For property held by you for personal use, once you have subtracted any salvage value and any insurance or other reimbursement, you must subtract $100 from each casualty or theft event that occurred during the year. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year.

Casualty and theft losses are reported on Form 4684 (PDF), Casualties and Thefts. Section A is used for personal-use property, and Section B is used for business or income-producing property. If personal-use property was damaged, destroyed or stolen, you may wish to refer to Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property). For losses involving business-use property, refer to Publication 584-B (PDF), Business Casualty, Disaster, and Theft Loss Workbook.

Casualty losses are generally deductible in the year the casualty 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 treat the loss as having occurred in the year immediately preceding the tax year in which the disaster happened, and you can deduct the loss on your return or amended return for that preceding tax year. Review Disaster Assistance and Emergency Relief for Individuals and Businesses on IRS.gov, for information regarding timeframes and additional information to your specific qualifying event.

Theft losses are generally deductible in the year you discover the property was stolen unless you have a reasonable prospect of recovery through a claim for reimbursement. In that case, no deduction is available until the taxable year in which it can be determined with reasonable certainty whether or not such reimbursement will be received.

Special rules may apply to theft losses from Ponzi-type investment schemes. For more information, see the Form 4684 (PDF) and the Form 4684 Instructions (PDF), Casualties and Thefts. Additionally, review Help for Victims of Ponzi Investment Schemes on IRS.gov.

If your loss deduction is more than your income, you may have a net operating loss. You do not have to be in business to have a net operating loss from a casualty. For more information, refer to Publication 536, Net Operating Losses for Individuals, Estates, and Trusts.

Page Last Reviewed or Updated: December 12, 2013

The Free Efile

Free efile Publication 939 - Introductory Material Table of Contents What's New Future developments. Free efile IntroductionSimplified Method. Free efile Ordering forms and publications. Free efile Tax questions. Free efile Useful Items - You may want to see: What's New Beginning in 2013, distributions from an annuity under a nonqualified plan are considered net investment income for the purpose of figuring the net investment income tax (NIIT). Free efile For more information, see the instructions for Form 8960, Net Investment Income Tax – Individuals, Estates and Trusts. Free efile Future developments. Free efile For the latest information about developments related to Publication 939, such as legislation enacted after it was published, go to www. Free efile IRS. Free efile gov/pub939. Free efile Introduction This publication gives you the information you need to determine the tax treatment of your pension and annuity income under the General Rule. Free efile Generally, each of your monthly annuity payments is made up of two parts: the tax-free part that is a return of your net cost, and the taxable balance. Free efile What is the General Rule. Free efile   The General Rule is one of the two methods used to figure the tax-free part of each annuity payment based on the ratio of your investment in the contract to the total expected return. Free efile The other method is the Simplified Method, which is discussed in Publication 575, Pension and Annuity Income. Free efile Who must use the General Rule. Free efile   Use this publication if you receive pension or annuity payments from: A nonqualified plan (for example, a private annuity, a purchased commercial annuity, or a nonqualified employee plan), A qualified plan if: Your annuity starting date is before November 19, 1996 (and after July 1, 1986), and you do not qualify to use, or did not choose to use, the Simplified Method, or Your annuity starting date is after November 18, 1996, and as of that date you are age 75 or over and the annuity payments are guaranteed for at least 5 years. Free efile If your annuity starting date was between July 1, 1986 and November 19, 1996, you were able to elect to use the Simplified Method or the General Rule. Free efile This choice is irrevocable and applied to all later annuity payments. Free efile The following are qualified plans. Free efile A qualified employee plan. Free efile A qualified employee annuity. Free efile A tax-sheltered annuity (TSA) plan or contract. Free efile Simplified Method. Free efile   If you receive pension or annuity payments from a qualified plan and you are not required to use the General Rule, you must use the Simplified Method to determine the tax-free part of each annuity payment. Free efile This method is described in Publication 575, Pension and Annuity Income. Free efile   Also, if, at the time the annuity payments began, you were at least age 75 and were entitled to annuity payments from a qualified plan with fewer than 5 years of guaranteed payments, you must use the Simplified Method. Free efile Beginning in 2013, distributions from an annuity under a nonqualified plan are considered net investment income for the purpose of figuring the net investment income tax (NIIT). Free efile For more information, see the instructions for Form 8960, Net Investment Income Tax – Individuals, Estates and Trusts. Free efile Topics not covered in this publication. Free efile   Certain topics related to pensions and annuities are not covered in this publication. Free efile They include: Simplified Method. Free efile This method is covered in Publication 575. Free efile That publication also covers nonperiodic payments (amounts not received as an annuity) from a qualified pension or annuity plan, rollovers, special averaging and capital gain treatment of lump-sum distributions, and special additional taxes on early distributions, excess distributions, and excess accumulations (not making required minimum distributions). Free efile Individual retirement arrangements (IRAs). Free efile Information on the tax treatment of amounts you receive from an IRA is included in Publication 590, Individual Retirement Arrangements (IRAs). Free efile Life insurance payments. Free efile If you receive life insurance payments because of the death of the insured person, get Publication 525, Taxable and Nontaxable Income, for information on the tax treatment of the proceeds. Free efile Help from IRS. Free efile   If, after reading this publication, you need help to figure the taxable part of your pension or annuity, the IRS can do it for you for a fee. Free efile For information on this service, see Requesting a Ruling on Taxation of Annuity , later. Free efile Comments and suggestions. Free efile   We welcome your comments about this publication and your suggestions for future editions. Free efile   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free efile NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free efile Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free efile   You can send your comments from www. Free efile irs. Free efile gov/formspubs/. Free efile Click on “More Information” and then on “Comment on Tax Forms and Publications”. Free efile   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Free efile Ordering forms and publications. Free efile   Visit www. Free efile irs. Free efile gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Free efile Internal Revenue Service 1201 N. Free efile Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free efile   If you have a tax question, check the information available on IRS. Free efile gov or call 1-800-829-1040. Free efile We cannot answer tax questions sent to either of the above addresses. Free efile Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 525 Taxable and Nontaxable Income 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 721 Tax Guide to U. Free efile S. Free efile Civil Service Retirement Benefits 910 Guide To Free Tax Services Form (and Instructions) 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Free efile See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Free efile Prev  Up  Next   Home   More Online Publications