Disasters and Taxes: Tax Treatment of Casualty Losses

Authored by Steven Siegel
About this Course
Topics Covered: What is a Casualty Event?; Sudden Events vs. Progressive Deterioration; Specific Events — Casualty or Not?; Calculation of Losses and Gains from Casualty Events; Where to Report and How to Substantiate Casualty Events — Form 4684; Tips on filing Form 4684 and properly reflecting the losses on both personal and business returns; Deferring Recognition of Casualty Gains — Replacement Property Rules; Special Rules for Presidentially; Declared Disaster Areas; Theft Losses. Upon completing this course, you should be able to: Describe the tax treatment of disaster and casualty losses; Recognize the potential issues facing clients; Identify when or when not a specific events are classified as a casualty; Recognize and apply the reporting and substantiation requirements; Differentiate characteristics of a casualty loss event; Identify sections of the tax code does not allow for termite infestations to be deducted; Differentiate correct statements with respect to substantiation of casualty loss claims; Identify the first step in reporting casualty and theft losses on Form 4684; Recognize the general rules for theft; Describe revenue rules issued with respect to Ponzi-type investment schemes; Identify the IRS requirements for an event to be considered unusual; Recognize revenue procedures outlining the filing procedures with respect to a location that has been declared a disaster area; Describe qualified replacement property.
$ 45.00
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NASBA Field of Study
Taxes
Level
Basic
CPE Credits
2.0
Prerequisites
None
Last Updated
01/24/2018
11904