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Tax Return 1040nr

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Tax Return 1040nr

Tax return 1040nr Publication 547 - Main Content Table of Contents CasualtyFamily pet. Tax return 1040nr Progressive deterioration. Tax return 1040nr Special Procedure for Damage From Corrosive Drywall Theft Loss on Deposits Proof of Loss Figuring a LossGain from reimbursement. Tax return 1040nr Business or income-producing property. Tax return 1040nr Loss of inventory. Tax return 1040nr Leased property. Tax return 1040nr Exception for personal-use real property. Tax return 1040nr Decrease in Fair Market Value Adjusted Basis Insurance and Other Reimbursements Deduction Limits2% Rule $100 Rule 10% Rule Figuring the Deduction Figuring a GainPostponement of Gain When To Report Gains and LossesLoss on deposits. Tax return 1040nr Lessee's loss. Tax return 1040nr Disaster Area LossesDisaster loss to inventory. Tax return 1040nr Main home in disaster area. Tax return 1040nr Unsafe home. Tax return 1040nr Time limit for making choice. Tax return 1040nr Revoking your choice. Tax return 1040nr Figuring the loss deduction. Tax return 1040nr How to report the loss on Form 1040X. Tax return 1040nr Records. Tax return 1040nr Need a copy of your tax return for the preceding year? Postponed Tax Deadlines Contacting the Federal Emergency Management Agency (FEMA) How To Report Gains and LossesProperty held 1 year or less. Tax return 1040nr Property held more than 1 year. Tax return 1040nr Depreciable property. Tax return 1040nr Adjustments to Basis If Deductions Are More Than Income How To Get Tax HelpLow Income Taxpayer Clinics Casualty A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Tax return 1040nr A sudden event is one that is swift, not gradual or progressive. Tax return 1040nr An unexpected event is one that is ordinarily unanticipated and unintended. Tax return 1040nr An unusual event is one that is not a day-to-day occurrence and that is not typical of the activity in which you were engaged. Tax return 1040nr Generally, casualty losses are deductible during the taxable year that the loss occurred. Tax return 1040nr See Table 3, later. Tax return 1040nr Deductible losses. Tax return 1040nr   Deductible casualty losses can result from a number of different causes, including the following. Tax return 1040nr Car accidents (but see Nondeductible losses , next, for exceptions). Tax return 1040nr Earthquakes. Tax return 1040nr Fires (but see Nondeductible losses , next, for exceptions). Tax return 1040nr Floods. Tax return 1040nr Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses , later. Tax return 1040nr Mine cave-ins. Tax return 1040nr Shipwrecks. Tax return 1040nr Sonic booms. Tax return 1040nr Storms, including hurricanes and tornadoes. Tax return 1040nr Terrorist attacks. Tax return 1040nr Vandalism. Tax return 1040nr Volcanic eruptions. Tax return 1040nr Nondeductible losses. Tax return 1040nr   A casualty loss is not deductible if the damage or destruction is caused by the following. Tax return 1040nr Accidentally breaking articles such as glassware or china under normal conditions. Tax return 1040nr A family pet (explained below). Tax return 1040nr A fire if you willfully set it, or pay someone else to set it. Tax return 1040nr A car accident if your willful negligence or willful act caused it. Tax return 1040nr The same is true if the willful act or willful negligence of someone acting for you caused the accident. Tax return 1040nr Progressive deterioration (explained below). Tax return 1040nr However, see Special Procedure for Damage From Corrosive Drywall , later. Tax return 1040nr Family pet. Tax return 1040nr   Loss of property due to damage by a family pet is not deductible as a casualty loss unless the requirements discussed earlier under Casualty are met. Tax return 1040nr Example. Tax return 1040nr Your antique oriental rug was damaged by your new puppy before it was housebroken. Tax return 1040nr Because the damage was not unexpected and unusual, the loss is not deductible as a casualty loss. Tax return 1040nr Progressive deterioration. Tax return 1040nr   Loss of property due to progressive deterioration is not deductible as a casualty loss. Tax return 1040nr This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. Tax return 1040nr The following are examples of damage due to progressive deterioration. Tax return 1040nr The steady weakening of a building due to normal wind and weather conditions. Tax return 1040nr The deterioration and damage to a water heater that bursts. Tax return 1040nr However, the rust and water damage to rugs and drapes caused by the bursting of a water heater does qualify as a casualty. Tax return 1040nr Most losses of property caused by droughts. Tax return 1040nr To be deductible, a drought-related loss generally must be incurred in a trade or business or in a transaction entered into for profit. Tax return 1040nr Termite or moth damage. Tax return 1040nr The damage or destruction of trees, shrubs, or other plants by a fungus, disease, insects, worms, or similar pests. Tax return 1040nr However, a sudden destruction due to an unexpected or unusual infestation of beetles or other insects may result in a casualty loss. Tax return 1040nr Special Procedure for Damage From Corrosive Drywall Under a special procedure, you can deduct the amounts you paid to repair damage to your home and household appliances due to corrosive drywall. Tax return 1040nr Under this procedure, you treat the amounts paid for repairs as a casualty loss in the year of payment. Tax return 1040nr For example, amounts you paid for repairs in 2013 are deductible on your 2013 tax return and amounts you paid for repairs in 2012 are deductible on your 2012 tax return. Tax return 1040nr Note. Tax return 1040nr If you paid for any repairs before 2013 and you choose to follow this special procedure, you can amend your return for the earlier year by filing Form 1040X, Amended U. Tax return 1040nr S. Tax return 1040nr Individual Income Tax Return, and attaching a completed Form 4684 for the appropriate year. Tax return 1040nr Form 4684 for the appropriate year can be found at IRS. Tax return 1040nr gov. Tax return 1040nr Generally, Form 1040X must be filed within 3 years after the date the original return was filed or within 2 years after the date the tax was paid, whichever is later. Tax return 1040nr Corrosive drywall. Tax return 1040nr   For purposes of this special procedure, “corrosive drywall” means drywall that is identified as problem drywall under the two-step identification method published by the Consumer Product Safety Commission (CPSC) and the Department of Housing and Urban Development (HUD) in their interim guidance dated January 28, 2010, as revised by the CPSC and HUD. Tax return 1040nr The revised identification guidance and remediation guidelines are available at www. Tax return 1040nr cpsc. Tax return 1040nr gov/Safety-Education/Safety-Education-Centers/Drywall. Tax return 1040nr Special instructions for completing Form 4684. Tax return 1040nr   If you choose to follow this special procedure, complete Form 4684, Section A, according to the instructions below. Tax return 1040nr The IRS will not challenge your treatment of damage resulting from corrosive drywall as a casualty loss if you determine and report the loss as explained below. Tax return 1040nr Top margin of Form 4684. Tax return 1040nr   Enter “Revenue Procedure 2010-36”. Tax return 1040nr Line 1. Tax return 1040nr   Enter the information required by the line 1 instructions. Tax return 1040nr Line 2. Tax return 1040nr   Skip this line. Tax return 1040nr Line 3. Tax return 1040nr   Enter the amount of insurance or other reimbursements you received (including through litigation). Tax return 1040nr If none, enter -0-. Tax return 1040nr Lines 4–7. Tax return 1040nr   Skip these lines. Tax return 1040nr Line 8. Tax return 1040nr   Enter the amount you paid to repair the damage to your home and household appliances due to corrosive drywall. Tax return 1040nr Enter only the amounts you paid to restore your home to the condition existing immediately before the damage. Tax return 1040nr Do not enter any amounts you paid for improvements or additions that increased the value of your home above its pre-loss value. Tax return 1040nr If you replaced a household appliance instead of repairing it, enter the lesser of: The current cost to replace the original appliance, or The basis of the original appliance (generally its cost). Tax return 1040nr Line 9. Tax return 1040nr   If line 8 is more than line 3, do one of the following. Tax return 1040nr If you have a pending claim for reimbursement (or you intend to pursue reimbursement), enter 75% of the difference between lines 3 and 8. Tax return 1040nr If item (1) does not apply to you, enter the full amount of the difference between lines 3 and 8. Tax return 1040nr If line 8 is less than or equal to line 3, you cannot claim a casualty loss deduction using this special procedure. Tax return 1040nr    If you have a pending claim for reimbursement (or you intend to pursue reimbursement), you may have income or an additional deduction in a later tax year depending on the actual amount of reimbursement received. Tax return 1040nr See Reimbursement Received After Deducting Loss, later. Tax return 1040nr Lines 10–18. Tax return 1040nr   Complete these lines according to the Instructions for Form 4684. Tax return 1040nr Choosing not to follow this special procedure. Tax return 1040nr   If you choose not to follow this special procedure, you are subject to all of the provisions that apply to the deductibility of casualty losses, and you must complete lines 1–9 according to the Instructions for Form 4684. Tax return 1040nr This means, for example, that you must establish that the damage, destruction, or loss of property resulted from an identifiable event as defined earlier under Casualty . Tax return 1040nr Furthermore, you must have proof that shows the following. Tax return 1040nr The loss is properly deductible in the tax year you claimed it and not in some other year. Tax return 1040nr See When To Report Gains and Losses , later. Tax return 1040nr The amount of the claimed loss. Tax return 1040nr See Proof of Loss , later. Tax return 1040nr No claim for reimbursement of any portion of the loss exists for which there is a reasonable prospect of recovery. Tax return 1040nr See When To Report Gains and Losses , later. Tax return 1040nr Theft A theft is the taking and removing of money or property with the intent to deprive the owner of it. Tax return 1040nr The taking of property must be illegal under the law of the state where it occurred and it must have been done with criminal intent. Tax return 1040nr You do not need to show a conviction for theft. Tax return 1040nr Theft includes the taking of money or property by the following means. Tax return 1040nr Blackmail. Tax return 1040nr Burglary. Tax return 1040nr Embezzlement. Tax return 1040nr Extortion. Tax return 1040nr Kidnapping for ransom. Tax return 1040nr Larceny. Tax return 1040nr Robbery. Tax return 1040nr The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. Tax return 1040nr Decline in market value of stock. Tax return 1040nr   You cannot deduct as a theft loss the decline in market value of stock acquired on the open market for investment if the decline is caused by disclosure of accounting fraud or other illegal misconduct by the officers or directors of the corporation that issued the stock. Tax return 1040nr However, you can deduct as a capital loss the loss you sustain when you sell or exchange the stock or the stock becomes completely worthless. Tax return 1040nr You report a capital loss on Schedule D (Form 1040). Tax return 1040nr For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. Tax return 1040nr Mislaid or lost property. Tax return 1040nr    The simple disappearance of money or property is not a theft. Tax return 1040nr However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. Tax return 1040nr Sudden, unexpected, and unusual events were defined earlier under Casualty . Tax return 1040nr Example. Tax return 1040nr A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. Tax return 1040nr The diamond falls from the ring and is never found. Tax return 1040nr The loss of the diamond is a casualty. Tax return 1040nr Losses from Ponzi-type investment schemes. Tax return 1040nr   The IRS has issued the following guidance to assist taxpayers who are victims of losses from Ponzi-type investment schemes: Revenue Ruling 2009-9, 2009-14 I. Tax return 1040nr R. Tax return 1040nr B. Tax return 1040nr 735 (available at www. Tax return 1040nr irs. Tax return 1040nr gov/irb/2009-14_IRB/ar07. Tax return 1040nr html). Tax return 1040nr Revenue Procedure 2009-20, 2009-14 I. Tax return 1040nr R. Tax return 1040nr B. Tax return 1040nr 749 (available at www. Tax return 1040nr irs. Tax return 1040nr gov/irb/2009-14_IRB/ar11. Tax return 1040nr html). Tax return 1040nr Revenue Procedure 2011-58, 2011-50 I. Tax return 1040nr R. Tax return 1040nr B. Tax return 1040nr 847 (available at www. Tax return 1040nr irs. Tax return 1040nr gov/irb/2011-50_IRB/ar11. Tax return 1040nr html). Tax return 1040nr If you qualify to use Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58, and you choose to follow the procedures in the guidance, first fill out Section C of Form 4684 to determine the amount to enter on Section B, line 28. Tax return 1040nr Skip lines 19 to 27, but you must fill out Section B, lines 29 to 39, as appropriate. Tax return 1040nr Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. Tax return 1040nr You do not need to complete Appendix A. Tax return 1040nr For more information, see the above revenue ruling and revenue procedures, and the Instructions for Form 4684. Tax return 1040nr   If you choose not to use the procedures in Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58, you may claim your theft loss by filling out Section B, lines 19 to 39, as appropriate. Tax return 1040nr Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. Tax return 1040nr If you incurred this type of loss, you can choose one of the following ways to deduct the loss. Tax return 1040nr As a casualty loss. Tax return 1040nr As an ordinary loss. Tax return 1040nr As a nonbusiness bad debt. Tax return 1040nr Casualty loss or ordinary loss. Tax return 1040nr   You can choose to deduct a loss on deposits as a casualty loss or as an ordinary loss for any year in which you can reasonably estimate how much of your deposits you have lost in an insolvent or bankrupt financial institution. Tax return 1040nr The choice generally is made on the return you file for that year and applies to all your losses on deposits for the year in that particular financial institution. Tax return 1040nr If you treat the loss as a casualty or ordinary loss, you cannot treat the same amount of the loss as a nonbusiness bad debt when it actually becomes worthless. Tax return 1040nr However, you can take a nonbusiness bad debt deduction for any amount of loss that is more than the estimated amount you deducted as a casualty or ordinary loss. Tax return 1040nr Once you make the choice, you cannot change it without permission from the Internal Revenue Service. Tax return 1040nr   If you claim an ordinary loss, report it as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. Tax return 1040nr The maximum amount you can claim is $20,000 ($10,000 if you are married filing separately) reduced by any expected state insurance proceeds. Tax return 1040nr Your loss is subject to the 2%-of-adjusted-gross-income limit. Tax return 1040nr You cannot choose to claim an ordinary loss if any part of the deposit is federally insured. Tax return 1040nr Nonbusiness bad debt. Tax return 1040nr   If you do not choose to deduct the loss as a casualty loss or as an ordinary loss, you must wait until the year the actual loss is determined and deduct the loss as a nonbusiness bad debt in that year. Tax return 1040nr How to report. Tax return 1040nr   The kind of deduction you choose for your loss on deposits determines how you report your loss. Tax return 1040nr See Table 1. Tax return 1040nr More information. Tax return 1040nr   For more information, see Special Treatment for Losses on Deposits in Insolvent or Bankrupt Financial Institutions in the Instructions for Form 4684. Tax return 1040nr Deducted loss recovered. Tax return 1040nr   If you recover an amount you deducted as a loss in an earlier year, you may have to include the amount recovered in your income for the year of recovery. Tax return 1040nr If any part of the original deduction did not reduce your tax in the earlier year, you do not have to include that part of the recovery in your income. Tax return 1040nr For more information, see Recoveries in Publication 525. Tax return 1040nr Proof of Loss To deduct a casualty or theft loss, you must be able to show that there was a casualty or theft. Tax return 1040nr You also must be able to support the amount you take as a deduction. Tax return 1040nr Casualty loss proof. Tax return 1040nr   For a casualty loss, you should be able to show all of the following. Tax return 1040nr The type of casualty (car accident, fire, storm, etc. Tax return 1040nr ) and when it occurred. Tax return 1040nr That the loss was a direct result of the casualty. Tax return 1040nr That you were the owner of the property, or if you leased the property from someone else, that you were contractually liable to the owner for the damage. Tax return 1040nr Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. Tax return 1040nr Theft loss proof. Tax return 1040nr   For a theft loss, you should be able to show all of the following. Tax return 1040nr When you discovered that your property was missing. Tax return 1040nr That your property was stolen. Tax return 1040nr That you were the owner of the property. Tax return 1040nr Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. Tax return 1040nr    It is important that you have records that will prove your deduction. Tax return 1040nr If you do not have the actual records to support your deduction, you can use other satisfactory evidence to support it. Tax return 1040nr Figuring a Loss To determine your deduction for a casualty or theft loss, you must first figure your loss. Tax return 1040nr Table 1. Tax return 1040nr Reporting Loss on Deposits IF you choose to report the loss as a(n). Tax return 1040nr . Tax return 1040nr . Tax return 1040nr   THEN report it on. Tax return 1040nr . Tax return 1040nr . Tax return 1040nr casualty loss   Form 4684 and Schedule A  (Form 1040). Tax return 1040nr ordinary loss   Schedule A (Form 1040). Tax return 1040nr nonbusiness bad debt   Form 8949 and Schedule D (Form 1040). Tax return 1040nr Amount of loss. Tax return 1040nr   Figure the amount of your loss using the following steps. Tax return 1040nr Determine your adjusted basis in the property before the casualty or theft. Tax return 1040nr Determine the decrease in fair market value (FMV) of the property as a result of the casualty or theft. Tax return 1040nr From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. Tax return 1040nr For personal-use property and property used in performing services as an employee, apply the deduction limits, discussed later, to determine the amount of your deductible loss. Tax return 1040nr Gain from reimbursement. Tax return 1040nr   If your reimbursement is more than your adjusted basis in the property, you have a gain. Tax return 1040nr This is true even if the decrease in the FMV of the property is smaller than your adjusted basis. Tax return 1040nr If you have a gain, you may have to pay tax on it, or you may be able to postpone reporting the gain. Tax return 1040nr See Figuring a Gain , later. Tax return 1040nr Business or income-producing property. Tax return 1040nr   If you have business or income-producing property, such as rental property, and it is stolen or completely destroyed, the decrease in FMV is not considered. Tax return 1040nr Your loss is figured as follows:   Your adjusted basis in the property     MINUS     Any salvage value     MINUS     Any insurance or other reimbursement you  receive or expect to receive   Loss of inventory. Tax return 1040nr   There are two ways you can deduct a casualty or theft loss of inventory, including items you hold for sale to customers. Tax return 1040nr   One way is to deduct the loss through the increase in the cost of goods sold by properly reporting your opening and closing inventories. Tax return 1040nr Do not claim this loss again as a casualty or theft loss. Tax return 1040nr If you take the loss through the increase in the cost of goods sold, include any insurance or other reimbursement you receive for the loss in gross income. Tax return 1040nr   The other way is to deduct the loss separately. Tax return 1040nr If you deduct it separately, eliminate the affected inventory items from the cost of goods sold by making a downward adjustment to opening inventory or purchases. Tax return 1040nr Reduce the loss by the reimbursement you received. Tax return 1040nr Do not include the reimbursement in gross income. Tax return 1040nr If you do not receive the reimbursement by the end of the year, you may not claim a loss to the extent you have a reasonable prospect of recovery. Tax return 1040nr Leased property. Tax return 1040nr   If you are liable for casualty damage to property you lease, your loss is the amount you must pay to repair the property minus any insurance or other reimbursement you receive or expect to receive. Tax return 1040nr Separate computations. Tax return 1040nr   Generally, if a single casualty or theft involves more than one item of property, you must figure the loss on each item separately. Tax return 1040nr Then combine the losses to determine the total loss from that casualty or theft. Tax return 1040nr Exception for personal-use real property. Tax return 1040nr   In figuring a casualty loss on personal-use real property, the entire property (including any improvements, such as buildings, trees, and shrubs) is treated as one item. Tax return 1040nr Figure the loss using the smaller of the following. Tax return 1040nr The decrease in FMV of the entire property. Tax return 1040nr The adjusted basis of the entire property. Tax return 1040nr   See Real property under Figuring the Deduction, later. Tax return 1040nr Decrease in Fair Market Value Fair market value (FMV) is the price for which you could sell your property to a willing buyer when neither of you has to sell or buy and both of you know all the relevant facts. Tax return 1040nr The decrease in FMV used to figure the amount of a casualty or theft loss is the difference between the property's fair market value immediately before and immediately after the casualty or theft. Tax return 1040nr FMV of stolen property. Tax return 1040nr   The FMV of property immediately after a theft is considered to be zero because you no longer have the property. Tax return 1040nr Example. Tax return 1040nr Several years ago, you purchased silver dollars at face value for $150. Tax return 1040nr This is your adjusted basis in the property. Tax return 1040nr Your silver dollars were stolen this year. Tax return 1040nr The FMV of the coins was $1,000 just before they were stolen, and insurance did not cover them. Tax return 1040nr Your theft loss is $150. Tax return 1040nr Recovered stolen property. Tax return 1040nr   Recovered stolen property is your property that was stolen and later returned to you. Tax return 1040nr If you recovered property after you had already taken a theft loss deduction, you must refigure your loss using the smaller of the property's adjusted basis (explained later) or the decrease in FMV from the time just before it was stolen until the time it was recovered. Tax return 1040nr Use this amount to refigure your total loss for the year in which the loss was deducted. Tax return 1040nr   If your refigured loss is less than the loss you deducted, you generally have to report the difference as income in the recovery year. Tax return 1040nr But report the difference only up to the amount of the loss that reduced your tax. Tax return 1040nr For more information on the amount to report, see Recoveries in Publication 525. Tax return 1040nr Figuring Decrease in FMV — Items To Consider To figure the decrease in FMV because of a casualty or theft, you generally need a competent appraisal. Tax return 1040nr However, other measures also can be used to establish certain decreases. Tax return 1040nr See Appraisal and Cost of cleaning up or making repairs , next. Tax return 1040nr Appraisal. Tax return 1040nr   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterwards should be made by a competent appraiser. Tax return 1040nr The appraiser must recognize the effects of any general market decline that may occur along with the casualty. Tax return 1040nr This information is needed to limit any deduction to the actual loss resulting from damage to the property. Tax return 1040nr   Several factors are important in evaluating the accuracy of an appraisal, including the following. Tax return 1040nr The appraiser's familiarity with your property before and after the casualty or theft. Tax return 1040nr The appraiser's knowledge of sales of comparable property in the area. Tax return 1040nr The appraiser's knowledge of conditions in the area of the casualty. Tax return 1040nr The appraiser's method of appraisal. Tax return 1040nr You may be able to use an appraisal that you used to get a federal loan (or a federal loan guarantee) as the result of a federally declared disaster to establish the amount of your disaster loss. Tax return 1040nr For more information on disasters, see Disaster Area Losses, later. Tax return 1040nr Cost of cleaning up or making repairs. Tax return 1040nr   The cost of repairing damaged property is not part of a casualty loss. Tax return 1040nr Neither is the cost of cleaning up after a casualty. Tax return 1040nr But you can use the cost of cleaning up or of making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. Tax return 1040nr The repairs are actually made. Tax return 1040nr The repairs are necessary to bring the property back to its condition before the casualty. Tax return 1040nr The amount spent for repairs is not excessive. Tax return 1040nr The repairs take care of the damage only. Tax return 1040nr The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. Tax return 1040nr Landscaping. Tax return 1040nr   The cost of restoring landscaping to its original condition after a casualty may indicate the decrease in FMV. Tax return 1040nr You may be able to measure your loss by what you spend on the following. Tax return 1040nr Removing destroyed or damaged trees and shrubs, minus any salvage you receive. Tax return 1040nr Pruning and other measures taken to preserve damaged trees and shrubs. Tax return 1040nr Replanting necessary to restore the property to its approximate value before the casualty. Tax return 1040nr Car value. Tax return 1040nr   Books issued by various automobile organizations that list your car may be useful in figuring the value of your car. Tax return 1040nr You can use the books' retail values and modify them by factors such as the mileage and condition of your car to figure its value. Tax return 1040nr The prices are not official, but they may be useful in determining value and suggesting relative prices for comparison with current sales and offerings in your area. Tax return 1040nr If your car is not listed in the books, determine its value from other sources. Tax return 1040nr A dealer's offer for your car as a trade-in on a new car is not usually a measure of its true value. Tax return 1040nr Figuring Decrease in FMV — Items Not To Consider You generally should not consider the following items when attempting to establish the decrease in FMV of your property. Tax return 1040nr Cost of protection. Tax return 1040nr   The cost of protecting your property against a casualty or theft is not part of a casualty or theft loss. Tax return 1040nr The amount you spend on insurance or to board up your house against a storm is not part of your loss. Tax return 1040nr If the property is business property, these expenses are deductible as business expenses. Tax return 1040nr   If you make permanent improvements to your property to protect it against a casualty or theft, add the cost of these improvements to your basis in the property. Tax return 1040nr An example would be the cost of a dike to prevent flooding. Tax return 1040nr Exception. Tax return 1040nr   You cannot increase your basis in the property by, or deduct as a business expense, any expenditures you made with respect to qualified disaster mitigation payments (discussed later under Disaster Area Losses ). Tax return 1040nr Related expenses. Tax return 1040nr   The incidental expenses due to a casualty or theft, such as expenses for the treatment of personal injuries, for temporary housing, or for a rental car, are not part of your casualty or theft loss. Tax return 1040nr However, they may be deductible as business expenses if the damaged or stolen property is business property. Tax return 1040nr Replacement cost. Tax return 1040nr   The cost of replacing stolen or destroyed property is not part of a casualty or theft loss. Tax return 1040nr Example. Tax return 1040nr You bought a new chair 4 years ago for $300. Tax return 1040nr In April, a fire destroyed the chair. Tax return 1040nr You estimate that it would cost $500 to replace it. Tax return 1040nr If you had sold the chair before the fire, you estimate that you could have received only $100 for it because it was 4 years old. Tax return 1040nr The chair was not insured. Tax return 1040nr Your loss is $100, the FMV of the chair before the fire. Tax return 1040nr It is not $500, the replacement cost. Tax return 1040nr Sentimental value. Tax return 1040nr   Do not consider sentimental value when determining your loss. Tax return 1040nr If a family portrait, heirloom, or keepsake is damaged, destroyed, or stolen, you must base your loss on its FMV, as limited by your adjusted basis in the property. Tax return 1040nr Decline in market value of property in or near casualty area. Tax return 1040nr   A decrease in the value of your property because it is in or near an area that suffered a casualty, or that might again suffer a casualty, is not to be taken into consideration. Tax return 1040nr You have a loss only for actual casualty damage to your property. Tax return 1040nr However, if your home is in a federally declared disaster area, see Disaster Area Losses , later. Tax return 1040nr Costs of photographs and appraisals. Tax return 1040nr   Photographs taken after a casualty will be helpful in establishing the condition and value of the property after it was damaged. Tax return 1040nr Photographs showing the condition of the property after it was repaired, restored, or replaced may also be helpful. Tax return 1040nr   Appraisals are used to figure the decrease in FMV because of a casualty or theft. Tax return 1040nr See Appraisal , earlier, under Figuring Decrease in FMV — Items To Consider, for information about appraisals. Tax return 1040nr   The costs of photographs and appraisals used as evidence of the value and condition of property damaged as a result of a casualty are not a part of the loss. Tax return 1040nr They are expenses in determining your tax liability. Tax return 1040nr You can claim these costs as a miscellaneous itemized deduction subject to the 2%-of-adjusted-gross-income limit on Schedule A (Form 1040). Tax return 1040nr Adjusted Basis The measure of your investment in the property you own is its basis. Tax return 1040nr For property you buy, your basis is usually its cost to you. Tax return 1040nr For property you acquire in some other way, such as inheriting it, receiving it as a gift, or getting it in a nontaxable exchange, you must figure your basis in another way, as explained in Publication 551. Tax return 1040nr If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Tax return 1040nr Adjustments to basis. Tax return 1040nr    While you own the property, various events may take place that change your basis. Tax return 1040nr Some events, such as additions or permanent improvements to the property, increase basis. Tax return 1040nr Others, such as earlier casualty losses and depreciation deductions, decrease basis. Tax return 1040nr When you add the increases to the basis and subtract the decreases from the basis, the result is your adjusted basis. Tax return 1040nr See Publication 551 for more information on figuring the basis of your property. Tax return 1040nr Insurance and Other Reimbursements If you receive an insurance or other type of reimbursement, you must subtract the reimbursement when you figure your loss. Tax return 1040nr You do not have a casualty or theft loss to the extent you are reimbursed. Tax return 1040nr If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. Tax return 1040nr You must reduce your loss even if you do not receive payment until a later tax year. Tax return 1040nr See Reimbursement Received After Deducting Loss , later. Tax return 1040nr Failure to file a claim for reimbursement. Tax return 1040nr   If your property is covered by insurance, you must file a timely insurance claim for reimbursement of your loss. Tax return 1040nr Otherwise, you cannot deduct this loss as a casualty or theft. Tax return 1040nr The portion of the loss usually not covered by insurance (for example, a deductible) is not subject to this rule. Tax return 1040nr Example. Tax return 1040nr You have a car insurance policy with a $1,000 deductible. Tax return 1040nr Because your insurance did not cover the first $1,000 of an auto collision, the $1,000 would be deductible (subject to the $100 and 10% rules, discussed later). Tax return 1040nr This is true, even if you do not file an insurance claim, because your insurance policy would never have reimbursed you for the deductible. Tax return 1040nr Types of Reimbursements The most common type of reimbursement is an insurance payment for your stolen or damaged property. Tax return 1040nr Other types of reimbursements are discussed next. Tax return 1040nr Also see the Instructions for Form 4684. Tax return 1040nr Employer's emergency disaster fund. Tax return 1040nr   If you receive money from your employer's emergency disaster fund and you must use that money to rehabilitate or replace property on which you are claiming a casualty loss deduction, you must take that money into consideration in computing the casualty loss deduction. Tax return 1040nr Take into consideration only the amount you used to replace your destroyed or damaged property. Tax return 1040nr Example. Tax return 1040nr Your home was extensively damaged by a tornado. Tax return 1040nr Your loss after reimbursement from your insurance company was $10,000. Tax return 1040nr Your employer set up a disaster relief fund for its employees. Tax return 1040nr Employees receiving money from the fund had to use it to rehabilitate or replace their damaged or destroyed property. Tax return 1040nr You received $4,000 from the fund and spent the entire amount on repairs to your home. Tax return 1040nr In figuring your casualty loss, you must reduce your unreimbursed loss ($10,000) by the $4,000 you received from your employer's fund. Tax return 1040nr Your casualty loss before applying the deduction limits (discussed later) is $6,000. Tax return 1040nr Cash gifts. Tax return 1040nr   If you receive excludable cash gifts as a disaster victim and there are no limits on how you can use the money, you do not reduce your casualty loss by these excludable cash gifts. Tax return 1040nr This applies even if you use the money to pay for repairs to property damaged in the disaster. Tax return 1040nr Example. Tax return 1040nr Your home was damaged by a hurricane. Tax return 1040nr Relatives and neighbors made cash gifts to you that were excludable from your income. Tax return 1040nr You used part of the cash gifts to pay for repairs to your home. Tax return 1040nr There were no limits or restrictions on how you could use the cash gifts. Tax return 1040nr It was an excludable gift, so the money you received and used to pay for repairs to your home does not reduce your casualty loss on the damaged home. Tax return 1040nr Insurance payments for living expenses. Tax return 1040nr   You do not reduce your casualty loss by insurance payments you receive to cover living expenses in either of the following situations. Tax return 1040nr You lose the use of your main home because of a casualty. Tax return 1040nr Government authorities do not allow you access to your main home because of a casualty or threat of one. Tax return 1040nr Inclusion in income. Tax return 1040nr   If these insurance payments are more than the temporary increase in your living expenses, you must include the excess in your income. Tax return 1040nr Report this amount on Form 1040, line 21. Tax return 1040nr However, if the casualty occurs in a federally declared disaster area, none of the insurance payments are taxable. Tax return 1040nr See Qualified disaster relief payments , later, under Disaster Area Losses. Tax return 1040nr   A temporary increase in your living expenses is the difference between the actual living expenses you and your family incurred during the period you could not use your home and your normal living expenses for that period. Tax return 1040nr Actual living expenses are the reasonable and necessary expenses incurred because of the loss of your main home. Tax return 1040nr Generally, these expenses include the amounts you pay for the following. Tax return 1040nr Renting suitable housing. Tax return 1040nr Transportation. Tax return 1040nr Food. Tax return 1040nr Utilities. Tax return 1040nr Miscellaneous services. Tax return 1040nr Normal living expenses consist of these same expenses that you would have incurred but did not because of the casualty or the threat of one. Tax return 1040nr Example. Tax return 1040nr As a result of a fire, you vacated your apartment for a month and moved to a motel. Tax return 1040nr You normally pay $525 a month for rent. Tax return 1040nr None was charged for the month the apartment was vacated. Tax return 1040nr Your motel rent for this month was $1,200. Tax return 1040nr You normally pay $200 a month for food. Tax return 1040nr Your food expenses for the month you lived in the motel were $400. Tax return 1040nr You received $1,100 from your insurance company to cover your living expenses. Tax return 1040nr You determine the payment you must include in income as follows. Tax return 1040nr 1. Tax return 1040nr Insurance payment for living expenses $1,100 2. Tax return 1040nr Actual expenses during the month you are unable to use your home because of the fire $1,600   3. Tax return 1040nr Normal living expenses 725   4. Tax return 1040nr Temporary increase in living expenses: Subtract line 3  from line 2 875 5. Tax return 1040nr Amount of payment includible in income: Subtract line 4 from line 1 $ 225 Tax year of inclusion. Tax return 1040nr   You include the taxable part of the insurance payment in income for the year you regain the use of your main home or, if later, for the year you receive the taxable part of the insurance payment. Tax return 1040nr Example. Tax return 1040nr Your main home was destroyed by a tornado in August 2011. Tax return 1040nr You regained use of your home in November 2012. Tax return 1040nr The insurance payments you received in 2011 and 2012 were $1,500 more than the temporary increase in your living expenses during those years. Tax return 1040nr You include this amount in income on your 2012 Form 1040. Tax return 1040nr If, in 2013, you receive further payments to cover the living expenses you had in 2011 and 2012, you must include those payments in income on your 2013 Form 1040. Tax return 1040nr Disaster relief. Tax return 1040nr   Food, medical supplies, and other forms of assistance you receive do not reduce your casualty loss, unless they are replacements for lost or destroyed property. Tax return 1040nr Table 2. Tax return 1040nr Deduction Limit Rules for Personal-Use and Employee Property       $100 Rule 10% Rule 2% Rule General Application You must reduce each casualty or theft loss by $100 when figuring your deduction. Tax return 1040nr Apply this rule to personal-use property after you have figured the amount of your loss. Tax return 1040nr You must reduce your total casualty or theft loss by 10% of your adjusted gross income. Tax return 1040nr Apply this rule to personal-use property after you reduce each loss by $100 (the $100 rule). Tax return 1040nr You must reduce your total casualty or theft loss by 2% of your adjusted gross income. Tax return 1040nr Apply this rule to property you used in performing services as an employee after you have figured the amount of your loss and added it to your job expenses and most other miscellaneous itemized deductions. Tax return 1040nr Single Event Apply this rule only once, even if many pieces of property are affected. Tax return 1040nr Apply this rule only once, even if many pieces of property are affected. Tax return 1040nr Apply this rule only once, even if many pieces of property are affected. Tax return 1040nr More Than One Event Apply to the loss from each event. Tax return 1040nr Apply to the total of all your losses from all events. Tax return 1040nr Apply to the total of all your losses from all events. Tax return 1040nr More Than One Person— With Loss From the   Same Event  (other than a married couple  filing jointly) Apply separately to each person. Tax return 1040nr Apply separately to each person. Tax return 1040nr Apply separately to each person. Tax return 1040nr Married Couple—  With Loss From the  Same Event Filing Joint Return Apply as if you were one person. Tax return 1040nr Apply as if you were one person. Tax return 1040nr Apply as if you were one person. Tax return 1040nr Filing Separate Return Apply separately to each spouse. Tax return 1040nr Apply separately to each spouse. Tax return 1040nr Apply separately to each spouse. Tax return 1040nr More Than One Owner (other than a married couple filing jointly) Apply separately to each owner of jointly owned property. Tax return 1040nr Apply separately to each owner of jointly owned property. Tax return 1040nr Apply separately to each owner of jointly owned property. Tax return 1040nr    Qualified disaster relief payments you receive for expenses you incurred as a result of a federally declared disaster, are not taxable income to you. Tax return 1040nr For more information, see Qualified disaster relief payments under Disaster Area Losses, later. Tax return 1040nr   Disaster unemployment assistance payments are unemployment benefits that are taxable. Tax return 1040nr   Generally, disaster relief grants received under the Robert T. Tax return 1040nr Stafford Disaster Relief and Emergency Assistance Act are not included in your income. Tax return 1040nr See Federal disaster relief grants , later, under Disaster Area Losses. Tax return 1040nr Loan proceeds. Tax return 1040nr   Do not reduce your casualty loss by loan proceeds you use to rehabilitate or replace property on which you are claiming a casualty loss deduction. Tax return 1040nr If you have a federal loan that is canceled (forgiven), see Federal loan canceled , later, under Disaster Area Losses. Tax return 1040nr Reimbursement Received After Deducting Loss If you figured your casualty or theft loss using the amount of your expected reimbursement, you may have to adjust your tax return for the tax year in which you get your actual reimbursement. Tax return 1040nr This section explains the adjustment you may have to make. Tax return 1040nr Actual reimbursement less than expected. Tax return 1040nr   If you later receive less reimbursement than you expected, include that difference as a loss with your other losses (if any) on your return for the year in which you can reasonably expect no more reimbursement. Tax return 1040nr Example. Tax return 1040nr Your personal car had a FMV of $2,000 when it was destroyed in a collision with another car in 2012. Tax return 1040nr The accident was due to the negligence of the other driver. Tax return 1040nr At the end of 2012, there was a reasonable prospect that the owner of the other car would reimburse you in full. Tax return 1040nr You did not have a deductible loss in 2012. Tax return 1040nr In January 2013, the court awards you a judgment of $2,000. Tax return 1040nr However, in July it becomes apparent that you will be unable to collect any amount from the other driver. Tax return 1040nr Since this is your only casualty or theft loss, you can deduct the loss in 2013 that is figured by applying the Deduction Limits (discussed later). Tax return 1040nr Actual reimbursement more than expected. Tax return 1040nr   If you later receive more reimbursement than you expected, after you have claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. Tax return 1040nr However, if any part of the original deduction did not reduce your tax for the earlier year, do not include that part of the reimbursement in your income. Tax return 1040nr You do not refigure your tax for the year you claimed the deduction. Tax return 1040nr See Recoveries in Publication 525 to find out how much extra reimbursement to include in income. Tax return 1040nr Example. Tax return 1040nr In 2012, a hurricane destroyed your motorboat. Tax return 1040nr Your loss was $3,000, and you estimated that your insurance would cover $2,500 of it. Tax return 1040nr You did not itemize deductions on your 2012 return, so you could not deduct the loss. Tax return 1040nr When the insurance company reimburses you for the loss, you do not report any of the reimbursement as income. Tax return 1040nr This is true even if it is for the full $3,000 because you did not deduct the loss on your 2012 return. Tax return 1040nr The loss did not reduce your tax. Tax return 1040nr    If the total of all the reimbursements you receive is more than your adjusted basis in the destroyed or stolen property, you will have a gain on the casualty or theft. Tax return 1040nr If you have already taken a deduction for a loss and you receive the reimbursement in a later year, you may have to include the gain in your income for the later year. Tax return 1040nr Include the gain as ordinary income up to the amount of your deduction that reduced your tax for the earlier year. Tax return 1040nr You may be able to postpone reporting any remaining gain as explained under Postponement of Gain, later. Tax return 1040nr Actual reimbursement same as expected. Tax return 1040nr   If you receive exactly the reimbursement you expected to receive, you do not have to include any of the reimbursement in your income and you cannot deduct any additional loss. Tax return 1040nr Example. Tax return 1040nr In December 2013, you had a collision while driving your personal car. Tax return 1040nr Repairs to the car cost $950. Tax return 1040nr You had $100 deductible collision insurance. Tax return 1040nr Your insurance company agreed to reimburse you for the rest of the damage. Tax return 1040nr Because you expected a reimbursement from the insurance company, you did not have a casualty loss deduction in 2013. Tax return 1040nr Due to the $100 rule, you cannot deduct the $100 you paid as the deductible. Tax return 1040nr When you receive the $850 from the insurance company in 2014, do not report it as income. Tax return 1040nr Deduction Limits After you have figured your casualty or theft loss, you must figure how much of the loss you can deduct. Tax return 1040nr The deduction for casualty and theft losses of employee property and personal-use property is limited. Tax return 1040nr A loss on employee property is subject to the 2% rule, discussed next. Tax return 1040nr With certain exceptions, a loss on property you own for your personal use is subject to the $100 and 10% rules, discussed later. Tax return 1040nr The 2%, $100, and 10% rules are also summarized in Table 2 . Tax return 1040nr Losses on business property (other than employee property) and income-producing property are not subject to these rules. Tax return 1040nr However, if your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. Tax return 1040nr See the Instructions for Form 4684, Section B. Tax return 1040nr If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. Tax return 1040nr 2% Rule The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040) or Form 1040NR, Schedule A, must be reduced by 2% of your adjusted gross income. Tax return 1040nr Employee property is property used in performing services as an employee. Tax return 1040nr $100 Rule After you have figured your casualty or theft loss on personal-use property, as discussed earlier, you must reduce that loss by $100. Tax return 1040nr This reduction applies to each total casualty or theft loss. Tax return 1040nr It does not matter how many pieces of property are involved in an event. Tax return 1040nr Only a single $100 reduction applies. Tax return 1040nr Example. Tax return 1040nr You have $750 deductible collision insurance on your car. Tax return 1040nr The car is damaged in a collision. Tax return 1040nr The insurance company pays you for the damage minus the $750 deductible. Tax return 1040nr The amount of the casualty loss is based solely on the deductible. Tax return 1040nr The casualty loss is $650 ($750 − $100) because the first $100 of a casualty loss on personal-use property is not deductible. Tax return 1040nr Single event. Tax return 1040nr   Generally, events closely related in origin cause a single casualty. Tax return 1040nr It is a single casualty when the damage is from two or more closely related causes, such as wind and flood damage caused by the same storm. Tax return 1040nr A single casualty may also damage two or more pieces of property, such as a hailstorm that damages both your home and your car parked in your driveway. Tax return 1040nr Example 1. Tax return 1040nr A thunderstorm destroyed your pleasure boat. Tax return 1040nr You also lost some boating equipment in the storm. Tax return 1040nr Your loss was $5,000 on the boat and $1,200 on the equipment. Tax return 1040nr Your insurance company reimbursed you $4,500 for the damage to your boat. Tax return 1040nr You had no insurance coverage on the equipment. Tax return 1040nr Your casualty loss is from a single event and the $100 rule applies once. Tax return 1040nr Figure your loss before applying the 10% rule (discussed later) as follows. Tax return 1040nr     Boat Equipment 1. Tax return 1040nr Loss $5,000 $1,200 2. Tax return 1040nr Subtract insurance 4,500 -0- 3. Tax return 1040nr Loss after reimbursement $ 500 $1,200 4. Tax return 1040nr Total loss $1,700 5. Tax return 1040nr Subtract $100 100 6. Tax return 1040nr Loss before 10% rule $1,600 Example 2. Tax return 1040nr Thieves broke into your home in January and stole a ring and a fur coat. Tax return 1040nr You had a loss of $200 on the ring and $700 on the coat. Tax return 1040nr This is a single theft. Tax return 1040nr The $100 rule applies to the total $900 loss. Tax return 1040nr Example 3. Tax return 1040nr In September, hurricane winds blew the roof off your home. Tax return 1040nr Flood waters caused by the hurricane further damaged your home and destroyed your furniture and personal car. Tax return 1040nr This is considered a single casualty. Tax return 1040nr The $100 rule is applied to your total loss from the flood waters and the wind. Tax return 1040nr More than one loss. Tax return 1040nr   If you have more than one casualty or theft loss during your tax year, you must reduce each loss by $100. Tax return 1040nr Example. Tax return 1040nr Your family car was damaged in an accident in January. Tax return 1040nr Your loss after the insurance reimbursement was $75. Tax return 1040nr In February, your car was damaged in another accident. Tax return 1040nr This time your loss after the insurance reimbursement was $90. Tax return 1040nr Apply the $100 rule to each separate casualty loss. Tax return 1040nr Since neither accident resulted in a loss of over $100, you are not entitled to any deduction for these accidents. Tax return 1040nr More than one person. Tax return 1040nr   If two or more individuals (other than a husband and wife filing a joint return) have losses from the same casualty or theft, the $100 rule applies separately to each individual. Tax return 1040nr Example. Tax return 1040nr A fire damaged your house and also damaged the personal property of your house guest. Tax return 1040nr You must reduce your loss by $100. Tax return 1040nr Your house guest must reduce his or her loss by $100. Tax return 1040nr Married taxpayers. Tax return 1040nr   If you and your spouse file a joint return, you are treated as one individual in applying the $100 rule. Tax return 1040nr It does not matter whether you own the property jointly or separately. Tax return 1040nr   If you and your spouse have a casualty or theft loss and you file separate returns, each of you must reduce your loss by $100. Tax return 1040nr This is true even if you own the property jointly. Tax return 1040nr If one spouse owns the property, only that spouse can figure a loss deduction on a separate return. Tax return 1040nr   If the casualty or theft loss is on property you own as tenants by the entirety, each of you can figure your deduction on only one-half of the loss on separate returns. Tax return 1040nr Neither of you can figure your deduction on the entire loss on a separate return. Tax return 1040nr Each of you must reduce the loss by $100. Tax return 1040nr More than one owner. Tax return 1040nr   If two or more individuals (other than a husband and wife filing a joint return) have a loss on property jointly owned, the $100 rule applies separately to each. Tax return 1040nr For example, if two sisters live together in a home they own jointly and they have a casualty loss on the home, the $100 rule applies separately to each sister. Tax return 1040nr 10% Rule You must reduce the total of all your casualty or theft losses on personal-use property by 10% of your adjusted gross income. Tax return 1040nr Apply this rule after you reduce each loss by $100. Tax return 1040nr For more information, see the Form 4684 instructions. Tax return 1040nr If you have both gains and losses from casualties or thefts, see Gains and losses , later in this discussion. Tax return 1040nr Example. Tax return 1040nr In June, you discovered that your house had been burglarized. Tax return 1040nr Your loss after insurance reimbursement was $2,000. Tax return 1040nr Your adjusted gross income for the year you discovered the theft is $29,500. Tax return 1040nr Figure your theft loss as follows. Tax return 1040nr 1. Tax return 1040nr Loss after insurance $2,000 2. Tax return 1040nr Subtract $100 100 3. Tax return 1040nr Loss after $100 rule $1,900 4. Tax return 1040nr Subtract 10% of $29,500 AGI $2,950 5. Tax return 1040nr Theft loss deduction $-0- You do not have a theft loss deduction because your loss ($1,900) is less than 10% of your adjusted gross income ($2,950). Tax return 1040nr More than one loss. Tax return 1040nr   If you have more than one casualty or theft loss during your tax year, reduce each loss by any reimbursement and by $100. Tax return 1040nr Then you must reduce the total of all your losses by 10% of your adjusted gross income. Tax return 1040nr Example. Tax return 1040nr In March, you had a car accident that totally destroyed your car. Tax return 1040nr You did not have collision insurance on your car, so you did not receive any insurance reimbursement. Tax return 1040nr Your loss on the car was $1,800. Tax return 1040nr In November, a fire damaged your basement and totally destroyed the furniture, washer, dryer, and other items you had stored there. Tax return 1040nr Your loss on the basement items after reimbursement was $2,100. Tax return 1040nr Your adjusted gross income for the year that the accident and fire occurred is $25,000. Tax return 1040nr You figure your casualty loss deduction as follows. Tax return 1040nr     Car Basement 1. Tax return 1040nr Loss $1,800 $2,100 2. Tax return 1040nr Subtract $100 per incident 100 100 3. Tax return 1040nr Loss after $100 rule $1,700 $2,000 4. Tax return 1040nr Total loss $3,700 5. Tax return 1040nr Subtract 10% of $25,000 AGI 2,500 6. Tax return 1040nr Casualty loss deduction $1,200 Married taxpayers. Tax return 1040nr   If you and your spouse file a joint return, you are treated as one individual in applying the 10% rule. Tax return 1040nr It does not matter if you own the property jointly or separately. Tax return 1040nr   If you file separate returns, the 10% rule applies to each return on which a loss is claimed. Tax return 1040nr More than one owner. Tax return 1040nr   If two or more individuals (other than husband and wife filing a joint return) have a loss on property that is owned jointly, the 10% rule applies separately to each. Tax return 1040nr Gains and losses. Tax return 1040nr   If you have casualty or theft gains as well as losses to personal-use property, you must compare your total gains to your total losses. Tax return 1040nr Do this after you have reduced each loss by any reimbursements and by $100 but before you have reduced the losses by 10% of your adjusted gross income. Tax return 1040nr Casualty or theft gains do not include gains you choose to postpone. Tax return 1040nr See Postponement of Gain, later. Tax return 1040nr Losses more than gains. Tax return 1040nr   If your losses are more than your recognized gains, subtract your gains from your losses and reduce the result by 10% of your adjusted gross income. Tax return 1040nr The rest, if any, is your deductible loss from personal-use property. Tax return 1040nr Example. Tax return 1040nr Your theft loss after reducing it by reimbursements and by $100 is $2,700. Tax return 1040nr Your casualty gain is $700. Tax return 1040nr Your loss is more than your gain, so you must reduce your $2,000 net loss ($2,700 − $700) by 10% of your adjusted gross income. Tax return 1040nr Gains more than losses. Tax return 1040nr   If your recognized gains are more than your losses, subtract your losses from your gains. Tax return 1040nr The difference is treated as a capital gain and must be reported on Schedule D (Form 1040). Tax return 1040nr The 10% rule does not apply to your gains. Tax return 1040nr Example. Tax return 1040nr Your theft loss is $600 after reducing it by reimbursements and by $100. Tax return 1040nr Your casualty gain is $1,600. Tax return 1040nr Because your gain is more than your loss, you must report the $1,000 net gain ($1,600 − $600) on Schedule D (Form 1040). Tax return 1040nr More information. Tax return 1040nr   For information on how to figure recognized gains, see Figuring a Gain , later. Tax return 1040nr Figuring the Deduction Generally, you must figure your loss separately for each item stolen, damaged, or destroyed. Tax return 1040nr However, a special rule applies to real property you own for personal use. Tax return 1040nr Real property. Tax return 1040nr   In figuring a loss to real estate you own for personal use, all improvements (such as buildings and ornamental trees and the land containing the improvements) are considered together. Tax return 1040nr Example 1. Tax return 1040nr In June, a fire destroyed your lakeside cottage, which cost $144,800 (including $14,500 for the land) several years ago. Tax return 1040nr (Your land was not damaged. Tax return 1040nr ) This was your only casualty or theft loss for the year. Tax return 1040nr The FMV of the property immediately before the fire was $180,000 ($145,000 for the cottage and $35,000 for the land). Tax return 1040nr The FMV immediately after the fire was $35,000 (value of the land). Tax return 1040nr You collected $130,000 from the insurance company. Tax return 1040nr Your adjusted gross income for the year the fire occurred is $80,000. Tax return 1040nr Your deduction for the casualty loss is $6,700, figured in the following manner. Tax return 1040nr 1. Tax return 1040nr Adjusted basis of the entire property (cost in this example) $144,800 2. Tax return 1040nr FMV of entire property  before fire $180,000 3. Tax return 1040nr FMV of entire property after fire 35,000 4. Tax return 1040nr Decrease in FMV of entire property (line 2 − line 3) $145,000 5. Tax return 1040nr Loss (smaller of line 1 or line 4) $144,800 6. Tax return 1040nr Subtract insurance 130,000 7. Tax return 1040nr Loss after reimbursement $14,800 8. Tax return 1040nr Subtract $100 100 9. Tax return 1040nr Loss after $100 rule $14,700 10. Tax return 1040nr Subtract 10% of $80,000 AGI 8,000 11. Tax return 1040nr Casualty loss deduction $ 6,700 Example 2. Tax return 1040nr You bought your home a few years ago. Tax return 1040nr You paid $150,000 ($10,000 for the land and $140,000 for the house). Tax return 1040nr You also spent an additional $2,000 for landscaping. Tax return 1040nr This year a fire destroyed your home. Tax return 1040nr The fire also damaged the shrubbery and trees in your yard. Tax return 1040nr The fire was your only casualty or theft loss this year. Tax return 1040nr Competent appraisers valued the property as a whole at $175,000 before the fire, but only $50,000 after the fire. Tax return 1040nr Shortly after the fire, the insurance company paid you $95,000 for the loss. Tax return 1040nr Your adjusted gross income for this year is $70,000. Tax return 1040nr You figure your casualty loss deduction as follows. Tax return 1040nr 1. Tax return 1040nr Adjusted basis of the entire property (cost of land, building, and landscaping) $152,000 2. Tax return 1040nr FMV of entire property  before fire $175,000 3. Tax return 1040nr FMV of entire property after fire 50,000 4. Tax return 1040nr Decrease in FMV of entire property (line 2 − line 3) $125,000 5. Tax return 1040nr Loss (smaller of line 1 or line 4) $125,000 6. Tax return 1040nr Subtract insurance 95,000 7. Tax return 1040nr Loss after reimbursement $30,000 8. Tax return 1040nr Subtract $100 100 9. Tax return 1040nr Loss after $100 rule $29,900 10. Tax return 1040nr Subtract 10% of $70,000 AGI 7,000 11. Tax return 1040nr Casualty loss deduction $ 22,900 Personal property. Tax return 1040nr   Personal property is any property that is not real property. Tax return 1040nr If your personal property is stolen or is damaged or destroyed by a casualty, you must figure your loss separately for each item of property. Tax return 1040nr Then combine these separate losses to figure the total loss. Tax return 1040nr Reduce the total loss by $100 and 10% of your adjusted gross income to figure the loss deduction. Tax return 1040nr Example 1. Tax return 1040nr In August, a storm destroyed your pleasure boat, which cost $18,500. Tax return 1040nr This was your only casualty or theft loss for the year. Tax return 1040nr Its FMV immediately before the storm was $17,000. Tax return 1040nr You had no insurance, but were able to salvage the motor of the boat and sell it for $200. Tax return 1040nr Your adjusted gross income for the year the casualty occurred is $70,000. Tax return 1040nr Although the motor was sold separately, it is part of the boat and not a separate item of property. Tax return 1040nr You figure your casualty loss deduction as follows. Tax return 1040nr 1. Tax return 1040nr Adjusted basis (cost in this example) $18,500 2. Tax return 1040nr FMV before storm $17,000 3. Tax return 1040nr FMV after storm 200 4. Tax return 1040nr Decrease in FMV  (line 2 − line 3) $16,800 5. Tax return 1040nr Loss (smaller of line 1 or line 4) $16,800 6. Tax return 1040nr Subtract insurance -0- 7. Tax return 1040nr Loss after reimbursement $16,800 8. Tax return 1040nr Subtract $100 100 9. Tax return 1040nr Loss after $100 rule $16,700 10. Tax return 1040nr Subtract 10% of $70,000 AGI 7,000 11. Tax return 1040nr Casualty loss deduction $ 9,700 Example 2. Tax return 1040nr In June, you were involved in an auto accident that totally destroyed your personal car and your antique pocket watch. Tax return 1040nr You had bought the car for $30,000. Tax return 1040nr The FMV of the car just before the accident was $17,500. Tax return 1040nr Its FMV just after the accident was $180 (scrap value). Tax return 1040nr Your insurance company reimbursed you $16,000. Tax return 1040nr Your watch was not insured. Tax return 1040nr You had purchased it for $250. Tax return 1040nr Its FMV just before the accident was $500. Tax return 1040nr Your adjusted gross income for the year the accident occurred is $97,000. Tax return 1040nr Your casualty loss deduction is zero, figured as follows. Tax return 1040nr     Car Watch 1. Tax return 1040nr Adjusted basis (cost) $30,000 $250 2. Tax return 1040nr FMV before accident $17,500 $500 3. Tax return 1040nr FMV after accident 180 -0- 4. Tax return 1040nr Decrease in FMV (line 2 − line 3) $17,320 $500 5. Tax return 1040nr Loss (smaller of line 1 or line 4) $17,320 $250 6. Tax return 1040nr Subtract insurance 16,000 -0- 7. Tax return 1040nr Loss after reimbursement $1,320 $250 8. Tax return 1040nr Total loss $1,570 9. Tax return 1040nr Subtract $100 100 10. Tax return 1040nr Loss after $100 rule $1,470 11. Tax return 1040nr Subtract 10% of $97,000 AGI 9,700 12. Tax return 1040nr Casualty loss deduction $ -0- Both real and personal properties. Tax return 1040nr   When a casualty involves both real and personal properties, you must figure the loss separately for each type of property. Tax return 1040nr However, you apply a single $100 reduction to the total loss. Tax return 1040nr Then, you apply the 10% rule to figure the casualty loss deduction. Tax return 1040nr Example. Tax return 1040nr In July, a hurricane damaged your home, which cost you $164,000 including land. Tax return 1040nr The FMV of the property (both building and land) immediately before the storm was $170,000 and its FMV immediately after the storm was $100,000. Tax return 1040nr Your household furnishings were also damaged. Tax return 1040nr You separately figured the loss on each damaged household item and arrived at a total loss of $600. Tax return 1040nr You collected $50,000 from the insurance company for the damage to your home, but your household furnishings were not insured. Tax return 1040nr Your adjusted gross income for the year the hurricane occurred is $65,000. Tax return 1040nr You figure your casualty loss deduction from the hurricane in the following manner. Tax return 1040nr 1. Tax return 1040nr Adjusted basis of real property (cost in this example) $164,000 2. Tax return 1040nr FMV of real property before hurricane $170,000 3. Tax return 1040nr FMV of real property after hurricane 100,000 4. Tax return 1040nr Decrease in FMV of real property (line 2 − line 3) $70,000 5. Tax return 1040nr Loss on real property (smaller of line 1 or line 4) $70,000 6. Tax return 1040nr Subtract insurance 50,000 7. Tax return 1040nr Loss on real property after reimbursement $20,000 8. Tax return 1040nr Loss on furnishings $600 9. Tax return 1040nr Subtract insurance -0- 10. Tax return 1040nr Loss on furnishings after reimbursement $600 11. Tax return 1040nr Total loss (line 7 plus line 10) $20,600 12. Tax return 1040nr Subtract $100 100 13. Tax return 1040nr Loss after $100 rule $20,500 14. Tax return 1040nr Subtract 10% of $65,000 AGI 6,500 15. Tax return 1040nr Casualty loss deduction $14,000 Property used partly for business and partly for personal purposes. Tax return 1040nr   When property is used partly for personal purposes and partly for business or income-producing purposes, the casualty or theft loss deduction must be figured separately for the personal-use portion and for the business or income-producing portion. Tax return 1040nr You must figure each loss separately because the losses attributed to these two uses are figured in two different ways. Tax return 1040nr When figuring each loss, allocate the total cost or basis, the FMV before and after the casualty or theft loss, and the insurance or other reimbursement between the business and personal use of the property. Tax return 1040nr The $100 rule and the 10% rule apply only to the casualty or theft loss on the personal-use portion of the property. Tax return 1040nr Example. Tax return 1040nr You own a building that you constructed on leased land. Tax return 1040nr You use half of the building for your business and you live in the other half. Tax return 1040nr The cost of the building was $400,000. Tax return 1040nr You made no further improvements or additions to it. Tax return 1040nr A flood in March damaged the entire building. Tax return 1040nr The FMV of the building was $380,000 immediately before the flood and $320,000 afterwards. Tax return 1040nr Your insurance company reimbursed you $40,000 for the flood damage. Tax return 1040nr Depreciation on the business part of the building before the flood totaled $24,000. Tax return 1040nr Your adjusted gross income for the year the flood occurred is $125,000. Tax return 1040nr You have a deductible business casualty loss of $10,000. Tax return 1040nr You do not have a deductible personal casualty loss because of the 10% rule. Tax return 1040nr You figure your loss as follows. Tax return 1040nr     Business   Personal     Part   Part 1. Tax return 1040nr Cost (total $400,000) $200,000   $200,000 2. Tax return 1040nr Subtract depreciation 24,000   -0- 3. Tax return 1040nr Adjusted basis $176,000   $200,000 4. Tax return 1040nr FMV before flood (total $380,000) $190,000   $190,000 5. Tax return 1040nr FMV after flood (total $320,000) 160,000   160,000 6. Tax return 1040nr Decrease in FMV  (line 4 − line 5) $30,000   $30,000 7. Tax return 1040nr Loss (smaller of line 3 or line 6) $30,000   $30,000 8. Tax return 1040nr Subtract insurance 20,000   20,000 9. Tax return 1040nr Loss after reimbursement $10,000   $10,000 10. Tax return 1040nr Subtract $100 on personal-use property -0-   100 11. Tax return 1040nr Loss after $100 rule $10,000   $9,900 12. Tax return 1040nr Subtract 10% of $125,000 AGI on personal-use property -0-   12,500 13. Tax return 1040nr Deductible business loss $10,000     14. Tax return 1040nr Deductible personal loss $-0- Figuring a Gain If you receive an insurance payment or other reimbursement that is more than your adjusted basis in the destroyed, damaged, or stolen property, you have a gain from the casualty or theft. Tax return 1040nr Your gain is figured as follows. Tax return 1040nr The amount you receive (discussed next), minus Your adjusted basis in the property at the time of the casualty or theft. Tax return 1040nr See Adjusted Basis , earlier, for information on adjusted basis. Tax return 1040nr Even if the decrease in FMV of your property is smaller than the adjusted basis of your property, use your adjusted basis to figure the gain. Tax return 1040nr Amount you receive. Tax return 1040nr   The amount you receive includes any money plus the value of any property you receive minus any expenses you have in obtaining reimbursement. Tax return 1040nr It also includes any reimbursement used to pay off a mortgage or other lien on the damaged, destroyed, or stolen property. Tax return 1040nr Example. Tax return 1040nr A hurricane destroyed your personal residence and the insurance company awarded you $145,000. Tax return 1040nr You received $140,000 in cash. Tax return 1040nr The remaining $5,000 was paid directly to the holder of a mortgage on the property. Tax return 1040nr The amount you received includes the $5,000 reimbursement paid on the mortgage. Tax return 1040nr Main home destroyed. Tax return 1040nr   If you have a gain because your main home was destroyed, you generally can exclude the gain from your income as if you had sold or exchanged your home. Tax return 1040nr You may be able to exclude up to $250,000 of the gain (up to $500,000 if married filing jointly). Tax return 1040nr To exclude a gain, you generally must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date it was destroyed. Tax return 1040nr For information on this exclusion, see Publication 523. Tax return 1040nr If your gain is more than the amount you can exclude, but you buy replacement property, you may be able to postpone reporting the excess gain. Tax return 1040nr See Postponement of Gain , later. Tax return 1040nr Reporting a gain. Tax return 1040nr   You generally must report your gain as income in the year you receive the reimbursement. Tax return 1040nr However, you do not have to report your gain if you meet certain requirements and choose to postpone reporting the gain according to the rules explained under Postponement of Gain, next. Tax return 1040nr   For information on how to report a gain, see How To Report Gains and Losses , later. Tax return 1040nr    If you have a casualty or theft gain on personal-use property that you choose to postpone reporting (as explained next) and you also have another casualty or theft loss on personal-use property, do not consider the gain you are postponing when figuring your casualty or theft loss deduction. Tax return 1040nr See 10% Rule under Deduction Limits, earlier. Tax return 1040nr Postponement of Gain Do not report a gain if you receive reimbursement in the form of property similar or related in service or use to the destroyed or stolen property. Tax return 1040nr Your basis in the new property is generally the same as your adjusted basis in the property it replaces. Tax return 1040nr You must ordinarily report the gain on your stolen or destroyed property if you receive money or unlike property as reimbursement. Tax return 1040nr However, you can choose to postpone reporting the gain if you purchase property that is similar or related in service or use to the stolen or destroyed property within a specified replacement period, discussed later. Tax return 1040nr You also can choose to postpone reporting the gain if you purchase a controlling interest (at least 80%) in a corporation owning property that is similar or related in service or use to the property. Tax return 1040nr See Controlling interest in a corporation , later. Tax return 1040nr If you have a gain on damaged property, you can postpone reporting the gain if you spend the reimbursement to restore the property. Tax return 1040nr To postpone reporting all the gain, the cost of your replacement property must be at least as much as the reimbursement you receive. Tax return 1040nr If the cost of the replacement property is less than the reimbursement, you must include the gain in your income up to the amount of the unspent reimbursement. Tax return 1040nr Example. Tax return 1040nr In 1970, you bought an oceanfront cottage for your personal use at a cost of $18,000. Tax return 1040nr You made no further improvements or additions to it. Tax return 1040nr When a storm destroyed the cottage this January, the cottage was worth $250,000. Tax return 1040nr You received $146,000 from the insurance company in March. Tax return 1040nr You had a gain of $128,000 ($146,000 − $18,000). Tax return 1040nr You spent $144,000 to rebuild the cottage. Tax return 1040nr Since this is less than the insurance proceeds received, you must include $2,000 ($146,000 − $144,000) in your income. Tax return 1040nr Buying replacement property from a related person. Tax return 1040nr   You cannot postpone reporting a gain from a casualty or theft if you buy the replacement property from a related person (discussed later). Tax return 1040nr This rule applies to the following taxpayers. Tax return 1040nr C corporations. Tax return 1040nr Partnerships in which more than 50% of the capital or profits interests is owned by C corporations. Tax return 1040nr All others (including individuals, partnerships — other than those in (2) — and S corporations) if the total realized gain for the tax year on all destroyed or stolen properties on which there are realized gains is more than $100,000. Tax return 1040nr For casualties and thefts described in (3) above, gains cannot be offset by any losses when determining whether the total gain is more than $100,000. Tax return 1040nr If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. Tax return 1040nr If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. Tax return 1040nr Exception. Tax return 1040nr   This rule does not apply if the related person acquired the property from an unrelated person within the period of time allowed for replacing the destroyed or stolen property. Tax return 1040nr Related persons. Tax return 1040nr   Under this rule, related persons include, for example, a parent and child, a brother and sister, a corporation and an individual who owns more than 50% of its outstanding stock, and two partnerships in which the same C corporations own more than 50% of the capital or profits interests. Tax return 1040nr For more information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Tax return 1040nr Death of a taxpayer. Tax return 1040nr   If a taxpayer dies after having a gain but before buying replacement property, the gain must be reported for the year in which the decedent realized the gain. Tax return 1040nr The executor of the estate or the person succeeding to the funds from the casualty or theft cannot postpone reporting the gain by buying replacement property. Tax return 1040nr Replacement Property You must buy replacement property for the specific purpose of replacing your destroyed or stolen property. Tax return 1040nr Property you acquire as a gift or inheritance does not qualify. Tax return 1040nr You do not have to use the same funds you receive as
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Page Last Reviewed or Updated: 28-Feb-2014

The Tax Return 1040nr

Tax return 1040nr Publication 584SP - Main Content Table of Contents Cómo Utilizar Este Registro PérdidasCosto u otra base. Tax return 1040nr Valor justo de mercado. Tax return 1040nr Excepción en el caso de propiedad inmueble de uso personal. Tax return 1040nr Más información. Tax return 1040nr Para pedir formularios y publicaciones. Tax return 1040nr Preguntas sobre los impuestos. Tax return 1040nr Cómo Obtener Ayuda con los ImpuestosTalleres para Contribuyentes de Ingresos Bajos (LITC por sus siglas en inglés). Tax return 1040nr Cómo Utilizar Este Registro Puede utilizar este registro siguiendo estos cinco pasos. Tax return 1040nr Lea la Publicación 547(SP) para saber más sobre las leyes tributarias relacionadas con hechos fortuitos, desastres y robos. Tax return 1040nr Familiarícese con las definiciones de costo u otra base y valor justo de mercado, las cuales se explican más adelante. Tax return 1040nr Llene los Anexos 1 al 20. Tax return 1040nr Lea las instrucciones del Formulario 4684, en inglés. Tax return 1040nr Llene el Formulario 4684, en inglés, utilizando la información que usted escribió en los Anexos 1 al 20. Tax return 1040nr Utilice la tabla que se encuentra a continuación para saber cómo hacer uso de los Anexos 1 al 19 a fin de llenar el Formulario 4684, en inglés. Tax return 1040nr Utilice lo que se halla en la. Tax return 1040nr . Tax return 1040nr . Tax return 1040nr Y anótelo en el Formulario 4684. Tax return 1040nr . Tax return 1040nr . Tax return 1040nr Columna 1 Línea 1 Columna 2 Línea 2 Columna 3 Línea 3 Columna 4 Línea 4 Columna 5 Línea 5 Columna 6 Línea 6 Columna 7 Línea 7 Columna 8 Línea 8 Columna 9 Línea 9 Pérdidas Generalmente, tiene el derecho de deducir en su declaración de impuesto federal las pérdidas sufridas en su domicilio, sus enseres domésticos y vehículos motorizados. Tax return 1040nr Sin embargo, no puede deducir una pérdida por hecho fortuito o robo que esté cubierta por seguro a menos que haya presentado oportunamente una reclamación de reembolso al seguro. Tax return 1040nr Todo reembolso que usted reciba reducirá la cantidad de la pérdida. Tax return 1040nr Si no presentó una reclamación de reembolso al seguro, puede deducir únicamente la porción de la pérdida que no haya sido protegida por dicho seguro. Tax return 1040nr Cantidad de la pérdida. Tax return 1040nr   Calcule la cantidad de su pérdida de la siguiente forma: Determine su costo u otra base en la propiedad antes del hecho fortuito o robo. Tax return 1040nr Determine la disminución en el valor justo de mercado de la propiedad como resultado del hecho fortuito o robo. Tax return 1040nr (La disminución del valor justo de mercado es la diferencia entre el valor de la propiedad inmediatamente antes e inmediatamente después del hecho fortuito o robo). Tax return 1040nr De la cantidad menor de los puntos anteriores (1) y (2), reste todo reembolso del seguro o de otra fuente que usted haya recibido o espere recibir. Tax return 1040nr   Aplique los límites a la deducción, explicados más adelante, para determinar la cantidad de su pérdida deducible. Tax return 1040nr Costo u otra base. Tax return 1040nr   El costo u otra base significa generalmente el costo original más toda mejora realizada a la propiedad. Tax return 1040nr Si no adquirió la propiedad por medio de una compra, su base se determina según se explica en la Publicación 551, Basis of Assets (Base de los Bienes), en inglés. Tax return 1040nr Si usted heredó propiedad de alguien que falleció en 2010 y el albacea del caudal hereditario eligió presentar el Formulario 8939, favor de referirse a la información proporcionada por el albacea, o vea la Publicación 4895, Tax Treatment of Property Acquired from a Decedent Dying in 2010 (Trato tributario de la propiedad adquirida de un difunto que falleció en 2010), en inglés. Tax return 1040nr Valor justo de mercado. Tax return 1040nr   El valor justo de mercado (FMV, por sus siglas en inglés) es el precio por el cual podría vender su propiedad a una persona dispuesta a comprarla, cuando ninguno de los dos tiene que vender o comprar y ambos están informados de todos los hechos pertinentes. Tax return 1040nr Al llenar los Anexos 1 al 20, se necesita saber el valor justo de mercado de la propiedad inmediatamente antes e inmediatamente después del desastre, hecho fortuito o robo. Tax return 1040nr Cálculos separados. Tax return 1040nr   Generalmente, si un solo hecho fortuito o robo involucra más de un artículo de propiedad, usted tiene que calcular la pérdida de cada artículo por separado. Tax return 1040nr Luego, sume las pérdidas para determinar la pérdida total de ese hecho fortuito o robo. Tax return 1040nr Excepción en el caso de propiedad inmueble de uso personal. Tax return 1040nr   Para calcular una pérdida de bienes inmuebles (bienes raíces) de uso personal, la propiedad entera (incluidas todas las mejoras como edificios, árboles y arbustos) se considera una unidad. Tax return 1040nr Calcule la pérdida utilizando la menor de las siguientes cantidades: La disminución en el valor justo de mercado de toda la propiedad. Tax return 1040nr La base ajustada de toda la propiedad. Tax return 1040nr Límites de la deducción. Tax return 1040nr   Después de calcular la cantidad de su pérdida según la explicación anterior, tiene que calcular qué cantidad de la pérdida puede deducir. Tax return 1040nr Esto se hace en la sección A del Formulario 4684, en inglés. Tax return 1040nr Si la pérdida fue de bienes de uso personal o de su familia, existen dos límites sobre la cantidad que puede deducir como pérdida por hecho fortuito o robo: Tiene que reducir cada pérdida por hecho fortuito o robo por $100 (la regla de $100). Tax return 1040nr Tiene que reducir además el total de todas sus pérdidas por 10% de su ingreso bruto ajustado (la regla del 10%). Tax return 1040nr Más información. Tax return 1040nr   Vea la Publicación 547(SP) para más información sobre los límites de esta deducción. Tax return 1040nr Cuándo su pérdida es deducible. Tax return 1040nr   Normalmente, puede deducir una pérdida por hecho fortuito, o aquélla sufrida en una zona de desastre, sólo en el año tributario en el que aconteció el hecho fortuito o desastre. Tax return 1040nr Normalmente puede deducir una pérdida por robo de propiedad sólo en el año en el que descubrió dicho robo. Tax return 1040nr No obstante, tiene la opción de deducir las pérdidas sufridas en una zona de desastre en la declaración del año inmediatamente antes del año del desastre si el Presidente de los Estados Unidos ha declarado dicha área como zona de desastre federal. Tax return 1040nr Para más información, vea el tema Pérdidas en Zonas de Desastre en la Publicación 547(SP). Tax return 1040nr Comentarios y sugerencias. Tax return 1040nr   Agradecemos sus comentarios acerca de esta publicación, así como sus sugerencias para ediciones futuras. Tax return 1040nr   Nos puede escribir a la dirección siguiente:  Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Tax return 1040nr NW, IR-6526 Washington, DC 20224   Contestamos muchas cartas por teléfono. Tax return 1040nr Por lo tanto, sería útil que incluyera en la correspondencia su número de teléfono, con el código de área, para llamar durante el día. Tax return 1040nr   Nos puede enviar correspondencia electrónica (email) a la dirección electrónica taxforms@irs. Tax return 1040nr gov. Tax return 1040nr Escriba “Publications Comment” (Comentario sobre una Publicación) en la línea para asunto. Tax return 1040nr Usted también nos puede enviar comentarios desde la página web en www. Tax return 1040nr irs. Tax return 1040nr gov/formspubs, en inglés, seleccionando “Comment on Tax Forms and Publications” (Enviar comentarios sobre los formularios y publicaciones de impuestos), bajo la sección “Information About” (Información sobre). Tax return 1040nr Aunque no podemos contestar individualmente cada comentario, agradecemos sus comentarios y sugerencias y los tendremos en cuenta para ediciones futuras de nuestros productos tributarios. Tax return 1040nr Para pedir formularios y publicaciones. Tax return 1040nr   Visite www. Tax return 1040nr irs. Tax return 1040nr gov/formspubs para descargar formularios y publicaciones, llame al 1-800-829-3676 para pedir formulario y publicaciones o escriba a la dirección a continuación para recibir una respuesta dentro de los 10 días después de recibir su solicitud. Tax return 1040nr  Internal Revenue Service 1201 N. Tax return 1040nr Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Tax return 1040nr   Si tiene una pregunta sobre los impuestos, verifique la información disponible en IRS. Tax return 1040nr gov/espanol o llame al 1-800-829-1040. Tax return 1040nr No podemos contestar preguntas sobre impuestos enviadas a ninguna de las dos direcciones anteriores. Tax return 1040nr Cómo Obtener Ayuda con los Impuestos Puede obtener ayuda con asuntos relacionados con sus impuestos que no hayan sido aún resueltos, pedir gratuitamente publicaciones y formularios, hacer preguntas acerca de los impuestos, así como obtener más información del IRS de varias maneras. Tax return 1040nr Al seleccionar el método que le resulte mejor, usted tendrá acceso rápido y fácil a ayuda relacionada con los impuestos Ayuda gratuita con la preparación de la declaración de impuestos. Tax return 1040nr   Existe ayuda gratuita para la preparación de la declaración de impuestos en todo el país con voluntarios certificados por el IRS. Tax return 1040nr El programa Volunteer Income Tax Assistance (Programa de Ayuda Voluntaria a los Contribuyentes o VITA, por sus siglas en inglés) está diseñado para ayudar a los contribuyentes de recursos bajos a medianos y el programa Tax Counseling for the Elderly (Programa de Asesoramiento para las Personas de Edad Avanzada o TCE, por sus siglas en inglés) está diseñado para ayudar a los contribuyentes de 60 años de edad o más con su declaración de impuestos. Tax return 1040nr En la mayoría de estos locales usted puede presentar la declaración electrónicamente gratis y los voluntarios le informarán sobre los créditos y deducciones a los que quizás tenga derecho. Tax return 1040nr Para ubicar un local de ayuda VITA o TCE cerca de usted, visite IRS. Tax return 1040nr gov o llame al 1-800-906-9887 o 1-800-829-1040. Tax return 1040nr   Como parte del programa TCE, la Asociación Estadounidense de Personas Jubiladas (AARP, por sus siglas en inglés) ofrece el programa de asesoramiento AARP Tax-Aide (Programa de Ayuda Tributaria de la Asociación Estadounidense de Personas Jubiladas). Tax return 1040nr Para ubicar el sitio del programa AARP Tax-Aide más cercano, llame al 1-888-227-7669 o visite el sitio web de la AARP, www. Tax return 1040nr aarp. Tax return 1040nr org/money/taxaide. Tax return 1040nr   Para más información sobre estos programas, visite IRS. Tax return 1040nr gov e ingrese la palabra clave “VITA” en la esquina superior derecha. Tax return 1040nr Internet. Tax return 1040nr Puede tener acceso al sitio web del IRS, www. Tax return 1040nr irs. Tax return 1040nr gov/espanol las 24 horas del día, 7 días a la semana para: Revisar el estado de su reembolso para el año 2011. Tax return 1040nr Visite www. Tax return 1040nr irs. Tax return 1040nr gov/espanol y pulse sobre el enlace “¿Dónde Está mi Reembolso?” . Tax return 1040nr Asegúrese de esperar por lo menos 72 horas después de que el IRS acuse recibo de su declaración presentada por vía electrónica o 3 a 4 semanas después de enviar una declaración en papel. Tax return 1040nr Si presentó el Formulario 8379 junto con su declaración, espere 14 semanas (11 semanas si la presentó electrónicamente). Tax return 1040nr Tenga a mano su declaración de impuestos del año 2011 para poder facilitar su número de Seguro Social, su estado civil para efectos de la declaración y la cantidad exacta en dólares enteros de su reembolso. Tax return 1040nr Presentar la declaración por medio del sistema electrónico e-file. Tax return 1040nr Aprenda sobre programas comerciales para la preparación de la declaración y los servicios e-file gratuitos para los contribuyentes que cumplan los requisitos. Tax return 1040nr Descargar formularios, incluidos audioformularios, instrucciones y publicaciones. Tax return 1040nr Pedir productos del IRS a través de Internet. Tax return 1040nr Buscar información en Internet para aclarar sus preguntas acerca de impuestos. Tax return 1040nr Buscar publicaciones en Internet por tema o palabra clave. Tax return 1040nr Utilizar el Código o regulaciones de Impuestos Internos en Internet u otra información oficial. Tax return 1040nr Ver los Internal Revenue Bulletins (Boletines del IRS o IRB, por sus siglas en inglés) publicados en los últimos años. Tax return 1040nr Calcular los descuentos de la retención usando nuestra calculadora diseñada para este propósito en el sitio web www. Tax return 1040nr irs. Tax return 1040nr gov/espanol. Tax return 1040nr Saber si se tiene que presentar el Formulario 6251 utilizando el Alternative Minimum Tax (AMT) Assistant (Hoja de Cómputo Electrónica para Calcular el Impuesto Mínimo Alternativo), en inglés, disponible por Internet en www. Tax return 1040nr irs. Tax return 1040nr gov/individuals. Tax return 1040nr Suscribirse para recibir noticias sobre impuestos locales y nacionales por medio de correo electrónico. Tax return 1040nr Obtener información acerca de cómo abrir y administrar un pequeño negocio. Tax return 1040nr Teléfono. Tax return 1040nr Muchos servicios están disponibles por teléfono. Tax return 1040nr Cómo pedir formularios, instrucciones y publicaciones. Tax return 1040nr Llame al 1-800-829-3676 (servicio disponible en español) para pedir formularios, instrucciones y publicaciones de este año, así como de años anteriores. Tax return 1040nr Deberá recibir lo que ha pedido dentro de 10 días. Tax return 1040nr Cómo hacer preguntas relacionadas con los impuestos. Tax return 1040nr Llame al IRS para hacer preguntas al 1-800-829-1040. Tax return 1040nr Cómo resolver problemas. Tax return 1040nr Puede recibir ayuda en persona para resolver problemas tributarios en días laborables en los IRS Taxpayer Assistance Centers (Centros de Ayuda del IRS para Contribuyentes). Tax return 1040nr Un funcionario le puede explicar las cartas que le ha enviado el IRS, ayudarle a hacer solicitudes para ajustes a su cuenta o ayudarle a establecer un plan de pagos. Tax return 1040nr Llame al Centro de Ayuda del IRS para Contribuyentes local para pedir una cita. Tax return 1040nr Para obtener el número telefónico, visite el sitio web www. Tax return 1040nr irs. Tax return 1040nr gov/localcontacts, en inglés, o consulte la guía telefónica bajo United States Government, Internal Revenue Service (Gobierno de los Estados Unidos, Servicio de Impuestos Internos). Tax return 1040nr Equipo TTY/TDD. Tax return 1040nr Si tiene acceso a equipo TTY/TDD, llame al 1-800-829-4059 para hacer preguntas relacionadas con los impuestos o para pedir formularios y publicaciones. Tax return 1040nr Temas TeleTax. Tax return 1040nr Llame al 1-800-829-4477 y presione el 2 para escuchar mensajes grabados en español sobre varios temas relacionados con los impuestos. Tax return 1040nr Información sobre los reembolsos. Tax return 1040nr Usted puede averiguar el estado de su reembolso con la nueva aplicación para teléfonos celulares del IRS. Tax return 1040nr Descargue la aplicación IRS2Go gratis cuando visite la página Web de la tienda de aplicaciones de iTunes o la del Android Marketplace. Tax return 1040nr La aplicación IRS2Go es una manera nueva para nosotros proveerle información. Tax return 1040nr Para averiguar el estado de su reembolso por teléfono, llame al 1-800-829-4477 y presione el 2 para escuchar información automatizada en español, 24 horas al día, 7 días a la semana. Tax return 1040nr Asegúrese de esperar por lo menos 72 horas después de que el IRS acuse recibo de su declaración presentada por vía electrónica o 3 a 4 semanas después de enviar una declaración en papel. Tax return 1040nr Si presentó el Formulario 8379 junto con su declaración, espere 14 semanas (11 semanas si la presentó electrónicamente). Tax return 1040nr Tenga a mano su declaración de impuestos del año 2011 para poder facilitar su número de Seguro Social, su estado civil para efectos de la declaración y la cantidad exacta en dólares enteros de su reembolso. Tax return 1040nr Si comprueba el estado de su reembolso y no se le da una fecha de envío, espere a la siguiente semana para volver a comprobarlo. Tax return 1040nr Otra información relacionada con los reembolsos. Tax return 1040nr Para averiguar el estado del reembolso o de una declaración enmendada correspondiente a un año anterior, llame al 1-800-829-1040. Tax return 1040nr Cómo evaluar la calidad de nuestros servicios telefónicos. Tax return 1040nr Para asegurar que las respuestas que reciba de los funcionarios del IRS sean correctas, corteses y profesionales, evaluamos la calidad de nuestros servicios telefónicos de diversas maneras. Tax return 1040nr Una manera es que un segundo funcionario del IRS escuche o grabe las llamadas telefónicas en el momento en que éstas se llevan a cabo. Tax return 1040nr Otra manera es pedirles a algunas de las personas que llaman que contesten una breve encuesta al final de la llamada. Tax return 1040nr Visitas en persona. Tax return 1040nr Muchos productos y servicios están disponibles en varios lugares públicos. Tax return 1040nr Productos. Tax return 1040nr Puede visitar diversas oficinas de correos, bibliotecas y oficinas del IRS para obtener formularios, instrucciones y publicaciones. Tax return 1040nr Algunas oficinas del IRS, bibliotecas, supermercados, centros para hacer copias, oficinas de gobiernos municipales y de condados, cooperativas de crédito y tiendas de artículos de oficina tienen una colección de productos que se pueden imprimir de un CD o fotocopiar del documento original impreso. Tax return 1040nr Además, algunas oficinas del IRS así como algunas bibliotecas tienen el Código Tributario del IRS, reglamentaciones, Boletines del IRS y Boletines Cumulativos disponibles para la búsqueda de información. Tax return 1040nr Servicios. Tax return 1040nr Usted puede visitar su Taxpayer Assistance Center (Centro de Ayuda para el Contribuyente) local del IRS cada día laborable para recibir ayuda en persona con respecto a todo problema relacionado con los impuestos. Tax return 1040nr Un funcionario puede explicarle las cartas que le envía el IRS, le puede ayudar a hacer solicitudes para ajustar su cuenta o ayudarle a establecer un plan de pagos. Tax return 1040nr Si necesita resolver un problema relacionado con los impuestos, tiene preguntas sobre cómo las leyes tributarias son aplicables a su declaración de impuestos personal o se siente más a gusto hablando con alguien en persona, visite su Centro de Ayuda para el Contribuyente a nivel local donde podrá mostrar sus archivos y documentación y hablar con un funcionario del IRS en persona. Tax return 1040nr No se necesita cita, simplemente venga a hacer su consulta. Tax return 1040nr Pero si prefiere, puede llamar a su centro local y dejar un mensaje solicitando una cita para resolver un asunto relacionado con su cuenta tributaria. Tax return 1040nr Un funcionario le llamará dentro de 2 días laborables para hacer una cita en persona con usted. Tax return 1040nr Si le queda por resolver algún problema complicado relacionado con los impuestos o si tiene alguna necesidad especial, como una discapacidad, puede solicitar una cita. Tax return 1040nr Los demás asuntos se tramitan sin necesidad de hacer una cita. Tax return 1040nr Para obtener el número telefónico de la oficina local, visite el sitio web www. Tax return 1040nr irs. Tax return 1040nr gov/localcontacts o consulte la guía telefónica bajo United States Government, Internal Revenue Service (Gobierno de los Estados Unidos, Servicio de Impuestos Internos). Tax return 1040nr Correspondencia. Tax return 1040nr Puede solicitar formularios, instrucciones y publicaciones enviando una solicitud a la dirección indicada a continuación y le contestaremos dentro de un período de 10 días después de haber recibido su solicitud. Tax return 1040nr  Internal Revenue Service 1201 N. Tax return 1040nr Mitsubishi Motorway Bloomington, IL 61705–6613 Servicio del Defensor del Contribuyente. Tax return 1040nr   El Servicio del Defensor del Contribuyente (TAS por sus siglas en inglés), es su voz ante el IRS. Tax return 1040nr Nuestro deber es asegurar que a cada contribuyente se le trate de forma justa, y que usted conozca y entienda sus derechos. Tax return 1040nr Le ofrecemos ayuda gratuita para ayudarle a navegar el proceso, frecuentemente confuso, de resolver problemas tributarios que no ha podido resolver usted mismo. Tax return 1040nr Tenga presente que lo peor que se puede hacer es no hacer nada. Tax return 1040nr   El Servicio del Defensor del Contribuyente le puede ayudar si usted no puede resolver su problema con el IRS y además: Si su problema le causa problemas financieros a usted, su familia o su negocio. Tax return 1040nr Si usted (o su negocio) está enfrentando la amenaza de acción adversa inmediata. Tax return 1040nr Si usted ha intentado, vez tras vez, comunicarse con el IRS pero nadie le ha respondido, o si el IRS no le ha respondido antes de la fecha prometida. Tax return 1040nr   Si usted reúne los requisitos para recibir nuestra ayuda, haremos todo lo posible para resolverle su problema. Tax return 1040nr A usted se le asignará un defensor, quien estará a su lado en cada paso del camino. Tax return 1040nr Tenemos oficinas en cada estado, el Distrito de Columbia, y Puerto Rico. Tax return 1040nr Aunque TAS es una sección independiente dentro del IRS, nuestros defensores saben trabajar junto con el IRS para resolver sus provlemas. Tax return 1040nr ¡Y nuestros servicios son siempre gratuitos!   Como contribuyente, usted tiene derechos que el IRS tiene que respetar cuando trata con usted. Tax return 1040nr Nuestro kit de herramientas tributarias, disponible en www. Tax return 1040nr taxpayeradvocate. Tax return 1040nr irs. Tax return 1040nr gov/Home/Spanish le puede ayudar a entender estos derechos. Tax return 1040nr   Si usted cree que el TAS posiblemente le puede ayudar, llame al defensor local, cuyo número de teléfono se halla en el directorio del teléfono, y también en nuestra página Web, en www. Tax return 1040nr irs. Tax return 1040nr gov/advocate. Tax return 1040nr Usted también podría llamarnos gratis al 1-877-777-4778. Tax return 1040nr   El TAS se ocupa de resolver problemas de gran escala o problemas sistémicos que afectan a muchos contribuyentes. Tax return 1040nr Si usted conoce alguno de estos asuntos, favor de informarnos del mismo utilizando el Systemic Advocacy Management System (Sistema de administración de la defensa sistémica), en inglés, en el sitio www. Tax return 1040nr irs. Tax return 1040nr gov/advocate. Tax return 1040nr Talleres para Contribuyentes de Ingresos Bajos (LITC por sus siglas en inglés). Tax return 1040nr   Los Talleres para Contribuyentes de Ingresos Bajos (LITC) son independientes del IRS. Tax return 1040nr Algunos Talleres sirven a las personas cuyos ingresos estén por debajo de cierto nivel, y quienes necesitan resolver un problema tributaria. Tax return 1040nr Estos talleres proporcionan gratis, o por una cuota pequeña, representación profesional ante el IRS, en la corte durante auditorias, apelaciones, disputas de cobro de impuestos, y en otros asuntos. Tax return 1040nr Para esas personas que hablan inglés como segundo idioma, algunos Talleres pueden proveer información en muchos idiomas diferentes sobre los derechos y responsabilidades del contribuyente. Tax return 1040nr Para más información y para hallar un Taller cerca de usted, vea la página Web de los LITC en www. Tax return 1040nr irs. Tax return 1040nr gov/espanol/article/0,,id=219303,00. Tax return 1040nr html o en la Publicación 4134SP, Lista de Talleres para Contribuyentes de Bajos Ingresos. Tax return 1040nr Esta publicación también le está disponible en la oficina local del IRS o llamando al 1-800-829-3676. Tax return 1040nr Servicios Tributarios Gratuitos. Tax return 1040nr   La Publicación 910, IRS Guide to Free Tax Services, (Guía de servicios gratuitos del IRS, en inglés), es su guía para los servicios y recursos proporcionados por el IRS. Tax return 1040nr Con ella puede aprender más sobre la información tributaria que el IRS le proporciona gratis, inclusive publicaciones, servicios, y programas de educación y ayuda. Tax return 1040nr La publicación le brinda también una índice de más de 100 temas tributarios TeleTax (información tributaria grabada) que usted puede escuchar por teléfono. Tax return 1040nr La mayoría de la información y los servicios enumerados en esta publicación se le proporcionan sin costo a usted. Tax return 1040nr Si hay una cuota asociada con algún recurso o servicio, esta se indica en la publicación. Tax return 1040nr   Versiones accesibles de los productos publicadas por el IRS se la hacen disponibles a personas discapacitadas en varios formatos, si ellos las piden. Tax return 1040nr Discos DVD para productos tributarios. Tax return 1040nr Usted puede solicitar la Publicación 1796, IRS Tax Products DVD (DVD de productos tributarios del IRS), en inglés, y obtener: Formularios, instrucciones y publicaciones de impuestos del año en curso. Tax return 1040nr Formularios, instrucciones y publicaciones de impuestos de años anteriores. Tax return 1040nr Mapa Tributario: una herramienta de búsqueda electrónica y de ayuda. Tax return 1040nr Preguntas sobre leyes tributarias hechas con frecuencia. Tax return 1040nr Tax Topics (Temas Tributarios) del sistema telefónico de respuestas del IRS. Tax return 1040nr Código de Impuestos Internos —Título 26 del Código de los Estados Unidos. Tax return 1040nr Opciones para completar, imprimir y guardar la mayoría de los formularios de impuestos. Tax return 1040nr Internal Revenue Bulletins (Boletines del IRS). Tax return 1040nr Apoyo técnico telefónico gratuito y por correo electrónico. Tax return 1040nr El CD que se expide dos veces al año. Tax return 1040nr  — La primera entrega se envía a principios de enero del año 2012. Tax return 1040nr  — La última entrega se envía a principios de marzo del año 2012. Tax return 1040nr Compre el DVD del National Technical Information Service (NTIS, por sus siglas en inglés) en la página web www. Tax return 1040nr irs. Tax return 1040nr gov/cdorders por $30 (sin costo de tramitación) o llame gratuitamente al 1-877-233-6767 para comprar el DVD por $30 (más un cargo de tramitación de $6). Tax return 1040nr Prev  Up  Next   Home   More Online Publications