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Idaho State Tax Forms 1040ez

Idaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ezIdaho State Tax Forms 1040ez

Idaho State Tax Forms 1040ez

Idaho state tax forms 1040ez 25. Idaho state tax forms 1040ez   Nonbusiness Casualty and Theft Losses Table of Contents What's New Introduction Useful Items - You may want to see: CasualtyFamily pet. Idaho state tax forms 1040ez Progressive deterioration. Idaho state tax forms 1040ez Damage from corrosive drywall. Idaho state tax forms 1040ez Theft Loss on Deposits Proof of Loss Figuring a LossDecrease in Fair Market Value Adjusted Basis Insurance and Other Reimbursements Single Casualty on Multiple Properties Deduction Limits$100 Rule 10% Rule When To Report Gains and LossesDisaster Area Loss How To Report Gains and Losses What's New New Section C of Form 4684 for Ponzi-type investment schemes. Idaho state tax forms 1040ez  Section C of Form 4684 is new for 2013. Idaho state tax forms 1040ez You must complete Section C if you are claiming a theft loss deduction due to a Ponzi-type investment scheme and are using Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58. Idaho state tax forms 1040ez Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. Idaho state tax forms 1040ez You do not need to complete Appendix A. Idaho state tax forms 1040ez For details, see Losses from Ponzi-type investment schemes , in this chapter. Idaho state tax forms 1040ez Introduction This chapter explains the tax treatment of personal (not business or investment related) casualty losses, theft losses, and losses on deposits. Idaho state tax forms 1040ez The chapter also explains the following  topics. Idaho state tax forms 1040ez How to figure the amount of your loss. Idaho state tax forms 1040ez How to treat insurance and other reimbursements you receive. Idaho state tax forms 1040ez The deduction limits. Idaho state tax forms 1040ez When and how to report a casualty or theft. Idaho state tax forms 1040ez Forms to file. Idaho state tax forms 1040ez    When you have a casualty or theft, you have to file Form 4684. Idaho state tax forms 1040ez You will also have to file one or more of the following forms. Idaho state tax forms 1040ez Schedule A (Form 1040), Itemized Deductions Schedule D (Form 1040), Capital Gains and Losses Condemnations. Idaho state tax forms 1040ez   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Disposition of Assets. Idaho state tax forms 1040ez Workbook for casualties and thefts. Idaho state tax forms 1040ez    Publication 584 is available to help you make a list of your stolen or damaged personal-use property and figure your loss. Idaho state tax forms 1040ez It includes schedules to help you figure the loss on your home, its contents, and your motor vehicles. Idaho state tax forms 1040ez Business or investment-related losses. Idaho state tax forms 1040ez   For information on a casualty or theft loss of business or income-producing property, see Publication 547, Casualties, Disasters, and Thefts. Idaho state tax forms 1040ez Useful Items - You may want to see: Publication 544 Sales and Other Dispositions  of Assets 547 Casualties, Disasters, and   Thefts 584 Casualty, Disaster, and Theft   Loss Workbook (Personal-Use  Property) Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 4684 Casualties and Thefts Casualty A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Idaho state tax forms 1040ez A sudden event is one that is swift, not gradual or progressive. Idaho state tax forms 1040ez An unexpected event is one that is ordinarily unanticipated and unintended. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Deductible losses. Idaho state tax forms 1040ez   Deductible casualty losses can result from a number of different causes, including the following. Idaho state tax forms 1040ez Car accidents (but see Nondeductible losses , next, for exceptions). Idaho state tax forms 1040ez Earthquakes. Idaho state tax forms 1040ez Fires (but see Nondeductible losses , next, for exceptions). Idaho state tax forms 1040ez Floods. Idaho state tax forms 1040ez Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses in Publication 547. Idaho state tax forms 1040ez Mine cave-ins. Idaho state tax forms 1040ez Shipwrecks. Idaho state tax forms 1040ez Sonic booms. Idaho state tax forms 1040ez Storms, including hurricanes and tornadoes. Idaho state tax forms 1040ez Terrorist attacks. Idaho state tax forms 1040ez Vandalism. Idaho state tax forms 1040ez Volcanic eruptions. Idaho state tax forms 1040ez Nondeductible losses. Idaho state tax forms 1040ez   A casualty loss is not deductible if the damage or destruction is caused by the following. Idaho state tax forms 1040ez Accidentally breaking articles such as glassware or china under normal conditions. Idaho state tax forms 1040ez A family pet (explained below). Idaho state tax forms 1040ez A fire if you willfully set it or pay someone else to set it. Idaho state tax forms 1040ez A car accident if your willful negligence or willful act caused it. Idaho state tax forms 1040ez The same is true if the willful act or willful negligence of someone acting for you caused the accident. Idaho state tax forms 1040ez Progressive deterioration (explained later). Idaho state tax forms 1040ez Family pet. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez Your antique oriental rug was damaged by your new puppy before it was housebroken. Idaho state tax forms 1040ez Because the damage was not unexpected and unusual, the loss is not deductible as a casualty loss. Idaho state tax forms 1040ez Progressive deterioration. Idaho state tax forms 1040ez    Loss of property due to progressive deterioration is not deductible as a casualty loss. Idaho state tax forms 1040ez This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. Idaho state tax forms 1040ez The following are examples of damage due to progressive deterioration. Idaho state tax forms 1040ez The steady weakening of a building due to normal wind and weather conditions. Idaho state tax forms 1040ez The deterioration and damage to a water heater that bursts. Idaho state tax forms 1040ez However, the rust and water damage to rugs and drapes caused by the bursting of a water heater does qualify as a casualty. Idaho state tax forms 1040ez Most losses of property caused by droughts. Idaho state tax forms 1040ez To be deductible, a drought-related loss generally must be incurred in a trade or business or in a transaction entered into for profit. Idaho state tax forms 1040ez Termite or moth damage. Idaho state tax forms 1040ez The damage or destruction of trees, shrubs, or other plants by a fungus, disease, insects, worms, or similar pests. Idaho state tax forms 1040ez However, a sudden destruction due to an unexpected or unusual infestation of beetles or other insects may result in a casualty loss. Idaho state tax forms 1040ez Damage from corrosive drywall. Idaho state tax forms 1040ez   Under a special procedure, you may be able to claim a casualty loss deduction for amounts you paid to repair damage to your home and household appliances that resulted from corrosive drywall. Idaho state tax forms 1040ez For details, see Publication 547. Idaho state tax forms 1040ez Theft A theft is the taking and removing of money or property with the intent to deprive the owner of it. Idaho state tax forms 1040ez The taking of property must be illegal under the laws of the state where it occurred and it must have been done with criminal intent. Idaho state tax forms 1040ez You do not need to show a conviction for theft. Idaho state tax forms 1040ez Theft includes the taking of money or property by the following means. Idaho state tax forms 1040ez Blackmail. Idaho state tax forms 1040ez Burglary. Idaho state tax forms 1040ez Embezzlement. Idaho state tax forms 1040ez Extortion. Idaho state tax forms 1040ez Kidnapping for ransom. Idaho state tax forms 1040ez Larceny. Idaho state tax forms 1040ez Robbery. Idaho state tax forms 1040ez The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. Idaho state tax forms 1040ez Decline in market value of stock. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez You report a capital loss on Schedule D (Form 1040). Idaho state tax forms 1040ez For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. Idaho state tax forms 1040ez Mislaid or lost property. Idaho state tax forms 1040ez   The simple disappearance of money or property is not a theft. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Sudden, unexpected, and unusual events are defined earlier. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. Idaho state tax forms 1040ez The diamond falls from the ring and is never found. Idaho state tax forms 1040ez The loss of the diamond is a casualty. Idaho state tax forms 1040ez Losses from Ponzi-type investment schemes. Idaho state tax forms 1040ez   If you had a loss from a Ponzi-type investment scheme, see: Revenue Ruling 2009-9, 2009-14 I. Idaho state tax forms 1040ez R. Idaho state tax forms 1040ez B. Idaho state tax forms 1040ez 735 (available at www. Idaho state tax forms 1040ez irs. Idaho state tax forms 1040ez gov/irb/2009-14_IRB/ar07. Idaho state tax forms 1040ez html). Idaho state tax forms 1040ez Revenue Procedure 2009-20, 2009-14 I. Idaho state tax forms 1040ez R. Idaho state tax forms 1040ez B. Idaho state tax forms 1040ez 749 (available at www. Idaho state tax forms 1040ez irs. Idaho state tax forms 1040ez gov/irb/2009-14_IRB/ar11. Idaho state tax forms 1040ez html). Idaho state tax forms 1040ez Revenue Procedure 2011-58, 2011-50 I. Idaho state tax forms 1040ez R. Idaho state tax forms 1040ez B. Idaho state tax forms 1040ez 849 (available at www. Idaho state tax forms 1040ez irs. Idaho state tax forms 1040ez gov/irb/2011-50_IRB/ar11. Idaho state tax forms 1040ez html). Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Skip lines 19 to 27. Idaho state tax forms 1040ez Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. Idaho state tax forms 1040ez You do not need to complete Appendix A. Idaho state tax forms 1040ez For more information, see the above revenue ruling and revenue procedures, and the Instructions for Form 4684. Idaho state tax forms 1040ez   If you choose not to use the procedures in Revenue Procedure 2009-20, you may claim your theft loss by filling out Section B, lines 19 to 39, as appropriate. Idaho state tax forms 1040ez Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. Idaho state tax forms 1040ez If you incurred this type of loss, you can choose one of the following ways to deduct the loss. Idaho state tax forms 1040ez As a casualty loss. Idaho state tax forms 1040ez As an ordinary loss. Idaho state tax forms 1040ez As a nonbusiness bad debt. Idaho state tax forms 1040ez Casualty loss or ordinary loss. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez The choice is generally 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. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Once you make this choice, you cannot change it without permission from the Internal Revenue Service. Idaho state tax forms 1040ez   If you claim an ordinary loss, report it as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. Idaho state tax forms 1040ez The maximum amount you can claim is $20,000 ($10,000 if you are married filing separately) reduced by any expected state insurance proceeds. Idaho state tax forms 1040ez Your loss is subject to the 2%-of-adjusted-gross-income limit. Idaho state tax forms 1040ez You cannot choose to claim an ordinary loss if any part of the deposit is federally insured. Idaho state tax forms 1040ez Nonbusiness bad debt. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez How to report. Idaho state tax forms 1040ez   The kind of deduction you choose for your loss on deposits determines how you report your loss. Idaho state tax forms 1040ez If you choose: Casualty loss — report it on Form 4684 first and then on Schedule A (Form 1040). Idaho state tax forms 1040ez Ordinary loss — report it on Schedule A (Form 1040) as a miscellaneous itemized deduction. Idaho state tax forms 1040ez Nonbusiness bad debt — report it on Form 8949 first and then on Schedule D (Form 1040). Idaho state tax forms 1040ez More information. Idaho state tax forms 1040ez   For more information, see Special Treatment for Losses on Deposits in Insolvent or Bankrupt Financial Institutions in the Instructions for Form 4684 or Deposit in Insolvent or Bankrupt Financial Institution in Publication 550. Idaho state tax forms 1040ez Proof of Loss To deduct a casualty or theft loss, you must be able to prove that you had a casualty or theft. Idaho state tax forms 1040ez You also must be able to support the amount you take as a deduction. Idaho state tax forms 1040ez Casualty loss proof. Idaho state tax forms 1040ez   For a casualty loss, your records should show all the following. Idaho state tax forms 1040ez The type of casualty (car accident, fire, storm, etc. Idaho state tax forms 1040ez ) and when it occurred. Idaho state tax forms 1040ez That the loss was a direct result of the casualty. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. Idaho state tax forms 1040ez Theft loss proof. Idaho state tax forms 1040ez   For a theft loss, your records should show all the following. Idaho state tax forms 1040ez When you discovered that your property was missing. Idaho state tax forms 1040ez That your property was stolen. Idaho state tax forms 1040ez That you were the owner of the property. Idaho state tax forms 1040ez Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. Idaho state tax forms 1040ez It is important that you have records that will prove your deduction. Idaho state tax forms 1040ez If you do not have the actual records to support your deduction, you can use other satisfactory evidence to support it. Idaho state tax forms 1040ez Figuring a Loss Figure the amount of your loss using the following steps. Idaho state tax forms 1040ez Determine your adjusted basis in the property before the casualty or theft. Idaho state tax forms 1040ez Determine the decrease in fair market value of the property as a result of the casualty or theft. Idaho state tax forms 1040ez From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Gain from reimbursement. Idaho state tax forms 1040ez   If your reimbursement is more than your adjusted basis in the property, you have a gain. Idaho state tax forms 1040ez This is true even if the decrease in the FMV of the property is smaller than your adjusted basis. Idaho state tax forms 1040ez If you have a gain, you may have to pay tax on it, or you may be able to postpone reporting the gain. Idaho state tax forms 1040ez See Publication 547 for more information on how to treat a gain from a reimbursement for a casualty or theft. Idaho state tax forms 1040ez Leased property. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez FMV of stolen property. Idaho state tax forms 1040ez   The FMV of property immediately after a theft is considered to be zero, since you no longer have the property. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez Several years ago, you purchased silver dollars at face value for $150. Idaho state tax forms 1040ez This is your adjusted basis in the property. Idaho state tax forms 1040ez Your silver dollars were stolen this year. Idaho state tax forms 1040ez The FMV of the coins was $1,000 just before they were stolen, and insurance did not cover them. Idaho state tax forms 1040ez Your theft loss is $150. Idaho state tax forms 1040ez Recovered stolen property. Idaho state tax forms 1040ez   Recovered stolen property is your property that was stolen and later returned to you. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Use this amount to refigure your total loss for the year in which the loss was deducted. Idaho state tax forms 1040ez   If your refigured loss is less than the loss you deducted, you generally have to report the difference as income in the recovery year. Idaho state tax forms 1040ez But report the difference only up to the amount of the loss that reduced your tax. Idaho state tax forms 1040ez For more information on the amount to report, see Recoveries in chapter 12. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez However, other measures can also be used to establish certain decreases. Idaho state tax forms 1040ez Appraisal. Idaho state tax forms 1040ez   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterward should be made by a competent appraiser. Idaho state tax forms 1040ez The appraiser must recognize the effects of any general market decline that may occur along with the casualty. Idaho state tax forms 1040ez This information is needed to limit any deduction to the actual loss resulting from damage to the property. Idaho state tax forms 1040ez   Several factors are important in evaluating the accuracy of an appraisal, including the following. Idaho state tax forms 1040ez The appraiser's familiarity with your property before and after the casualty or theft. Idaho state tax forms 1040ez The appraiser's knowledge of sales of comparable property in the area. Idaho state tax forms 1040ez The appraiser's knowledge of conditions in the area of the casualty. Idaho state tax forms 1040ez The appraiser's method of appraisal. Idaho state tax forms 1040ez    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. Idaho state tax forms 1040ez For more information on disasters, see Disaster Area Losses, in Pub. Idaho state tax forms 1040ez 547. Idaho state tax forms 1040ez Cost of cleaning up or making repairs. Idaho state tax forms 1040ez   The cost of repairing damaged property is not part of a casualty loss. Idaho state tax forms 1040ez Neither is the cost of cleaning up after a casualty. Idaho state tax forms 1040ez But you can use the cost of cleaning up or making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. Idaho state tax forms 1040ez The repairs are actually made. Idaho state tax forms 1040ez The repairs are necessary to bring the property back to its condition before the casualty. Idaho state tax forms 1040ez The amount spent for repairs is not excessive. Idaho state tax forms 1040ez The repairs take care of the damage only. Idaho state tax forms 1040ez The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. Idaho state tax forms 1040ez Landscaping. Idaho state tax forms 1040ez   The cost of restoring landscaping to its original condition after a casualty may indicate the decrease in FMV. Idaho state tax forms 1040ez You may be able to measure your loss by what you spend on the following. Idaho state tax forms 1040ez Removing destroyed or damaged trees and shrubs minus any salvage you receive. Idaho state tax forms 1040ez Pruning and other measures taken to preserve damaged trees and shrubs. Idaho state tax forms 1040ez Replanting necessary to restore the property to its approximate value before the casualty. Idaho state tax forms 1040ez Car value. Idaho state tax forms 1040ez    Books issued by various automobile organizations that list your car may be useful in figuring the value of your car. Idaho state tax forms 1040ez You can use the book's retail values and modify them by such factors as mileage and the condition of your car to figure its value. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez If your car is not listed in the books, determine its value from other sources. Idaho state tax forms 1040ez A dealer's offer for your car as a trade-in on a new car is not usually a measure of its true value. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Cost of protection. Idaho state tax forms 1040ez   The cost of protecting your property against a casualty or theft is not part of a casualty or theft loss. Idaho state tax forms 1040ez The amount you spend on insurance or to board up your house against a storm is not part of your loss. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez An example would be the cost of a dike to prevent flooding. Idaho state tax forms 1040ez Exception. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez See Disaster Area Losses in Publication 547. Idaho state tax forms 1040ez Incidental expenses. Idaho state tax forms 1040ez   Any incidental expenses you have 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. Idaho state tax forms 1040ez Replacement cost. Idaho state tax forms 1040ez   The cost of replacing stolen or destroyed property is not part of a casualty or theft loss. Idaho state tax forms 1040ez Sentimental value. Idaho state tax forms 1040ez   Do not consider sentimental value when determining your loss. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Decline in market value of property in or near casualty area. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez You have a loss only for actual casualty damage to your property. Idaho state tax forms 1040ez However, if your home is in a federally declared disaster area, see Disaster Area Losses in Publication 547. Idaho state tax forms 1040ez Costs of photographs and appraisals. Idaho state tax forms 1040ez    Photographs taken after a casualty will be helpful in establishing the condition and value of the property after it was damaged. Idaho state tax forms 1040ez Photographs showing the condition of the property after it was repaired, restored, or replaced may also be helpful. Idaho state tax forms 1040ez    Appraisals are used to figure the decrease in FMV because of a casualty or theft. Idaho state tax forms 1040ez See Appraisal , earlier, under Figuring Decrease in FMV — Items To Consider, for information about appraisals. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez You can claim these costs as a miscellaneous itemized deduction subject to the 2%-of-adjusted-gross-income limit on Schedule A (Form 1040). Idaho state tax forms 1040ez For information about miscellaneous deductions, see chapter 28. Idaho state tax forms 1040ez Adjusted Basis Adjusted basis is your basis in the property (usually cost) increased or decreased by various events, such as improvements and casualty losses. Idaho state tax forms 1040ez For more information, see chapter 13. Idaho state tax forms 1040ez Insurance and Other Reimbursements If you receive an insurance payment or other type of reimbursement, you must subtract the reimbursement when you figure your loss. Idaho state tax forms 1040ez You do not have a casualty or theft loss to the extent you are reimbursed. Idaho state tax forms 1040ez If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. Idaho state tax forms 1040ez You must reduce your loss even if you do not receive payment until a later tax year. Idaho state tax forms 1040ez See Reimbursement Received After Deducting Loss , later. Idaho state tax forms 1040ez Failure to file a claim for reimbursement. Idaho state tax forms 1040ez   If your property is covered by insurance, you must file a timely insurance claim for reimbursement of your loss. Idaho state tax forms 1040ez Otherwise, you cannot deduct this loss as a casualty or theft loss. Idaho state tax forms 1040ez However, this rule does not apply to the portion of the loss not covered by insurance (for example, a deductible). Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez You have a car insurance policy with a $1,000 deductible. Idaho state tax forms 1040ez Because your insurance did not cover the first $1,000 of an auto collision, the $1,000 would be deductible (subject to the deduction limits discussed later). Idaho state tax forms 1040ez This is true even if you do not file an insurance claim, because your insurance policy would never have reimbursed you for the deductible. Idaho state tax forms 1040ez Types of Reimbursements The most common type of reimbursement is an insurance payment for your stolen or damaged property. Idaho state tax forms 1040ez Other types of reimbursements are discussed next. Idaho state tax forms 1040ez Also see the Instructions for Form 4684. Idaho state tax forms 1040ez Employer's emergency disaster fund. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez Take into consideration only the amount you used to replace your destroyed or damaged property. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez Your home was extensively damaged by a tornado. Idaho state tax forms 1040ez Your loss after reimbursement from your insurance company was $10,000. Idaho state tax forms 1040ez Your employer set up a disaster relief fund for its employees. Idaho state tax forms 1040ez Employees receiving money from the fund had to use it to rehabilitate or replace their damaged or destroyed property. Idaho state tax forms 1040ez You received $4,000 from the fund and spent the entire amount on repairs to your home. Idaho state tax forms 1040ez In figuring your casualty loss, you must reduce your unreimbursed loss ($10,000) by the $4,000 you received from your employer's fund. Idaho state tax forms 1040ez Your casualty loss before applying the deduction limits discussed later is $6,000. Idaho state tax forms 1040ez Cash gifts. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez This applies even if you use the money to pay for repairs to property damaged in the disaster. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez Your home was damaged by a hurricane. Idaho state tax forms 1040ez Relatives and neighbors made cash gifts to you that were excludable from your income. Idaho state tax forms 1040ez You used part of the cash gifts to pay for repairs to your home. Idaho state tax forms 1040ez There were no limits or restrictions on how you could use the cash gifts. Idaho state tax forms 1040ez Because it was an excludable gift, the money you received and used to pay for repairs to your home does not reduce your casualty loss on the damaged home. Idaho state tax forms 1040ez Insurance payments for living expenses. Idaho state tax forms 1040ez   You do not reduce your casualty loss by insurance payments you receive to cover living expenses in either of the following situations. Idaho state tax forms 1040ez You lose the use of your main home because of a casualty. Idaho state tax forms 1040ez Government authorities do not allow you access to your main home because of a casualty or threat of one. Idaho state tax forms 1040ez Inclusion in income. Idaho state tax forms 1040ez   If these insurance payments are more than the temporary increase in your living expenses, you must include the excess in your income. Idaho state tax forms 1040ez Report this amount on Form 1040, line 21. Idaho state tax forms 1040ez However, if the casualty occurs in a federally declared disaster area, none of the insurance payments are taxable. Idaho state tax forms 1040ez See Qualified disaster relief payments, under Disaster Area Losses in Publication 547. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez Actual living expenses are the reasonable and necessary expenses incurred because of the loss of your main home. Idaho state tax forms 1040ez Generally, these expenses include the amounts you pay for the following. Idaho state tax forms 1040ez Rent for suitable housing. Idaho state tax forms 1040ez Transportation. Idaho state tax forms 1040ez Food. Idaho state tax forms 1040ez Utilities. Idaho state tax forms 1040ez Miscellaneous services. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez As a result of a fire, you vacated your apartment for a month and moved to a motel. Idaho state tax forms 1040ez You normally pay $525 a month for rent. Idaho state tax forms 1040ez None was charged for the month the apartment was vacated. Idaho state tax forms 1040ez Your motel rent for this month was $1,200. Idaho state tax forms 1040ez You normally pay $200 a month for food. Idaho state tax forms 1040ez Your food expenses for the month you lived in the motel were $400. Idaho state tax forms 1040ez You received $1,100 from your insurance company to cover your living expenses. Idaho state tax forms 1040ez You determine the payment you must include in income as follows. Idaho state tax forms 1040ez 1) Insurance payment for living expenses $1,100 2) Actual expenses during the month you are unable to use your home because of fire 1,600   3) Normal living expenses 725   4) Temporary increase in living  expenses: Subtract line 3 from line 2 875 5) Amount of payment includible  in income: Subtract line 4  from line 1 $ 225 Tax year of inclusion. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez Your main home was destroyed by a tornado in August 2011. Idaho state tax forms 1040ez You regained use of your home in November 2012. Idaho state tax forms 1040ez The insurance payments you received in 2011 and 2012 were $1,500 more than the temporary increase in your living expenses during those years. Idaho state tax forms 1040ez You include this amount in income on your 2012 Form 1040. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Disaster relief. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez Qualified disaster relief payments you receive for expenses you incurred as a result of a federally declared disaster are not taxable income to you. Idaho state tax forms 1040ez For more information, see Disaster Area Losses in Publication 547. Idaho state tax forms 1040ez Disaster unemployment assistance payments are unemployment benefits that are taxable. Idaho state tax forms 1040ez Generally, disaster relief grants and qualified disaster mitigation payments made under the Robert T. Idaho state tax forms 1040ez Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) are not includible in your income. Idaho state tax forms 1040ez See Disaster Area Losses in Publication 547. Idaho state tax forms 1040ez Reimbursement Received After Deducting Loss If you figured your casualty or theft loss using your expected reimbursement, you may have to adjust your tax return for the tax year in which you receive your actual reimbursement. Idaho state tax forms 1040ez This section explains the adjustment you may have to make. Idaho state tax forms 1040ez Actual reimbursement less than expected. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez Your personal car had an FMV of $2,000 when it was destroyed in a collision with another car in 2012. Idaho state tax forms 1040ez The accident was due to the negligence of the other driver. Idaho state tax forms 1040ez At the end of 2012, there was a reasonable prospect that the owner of the other car would reimburse you in full. Idaho state tax forms 1040ez You did not have a deductible loss in 2012. Idaho state tax forms 1040ez In January 2013, the court awarded you a judgment of $2,000. Idaho state tax forms 1040ez However, in July it became apparent that you will be unable to collect any amount from the other driver. Idaho state tax forms 1040ez You can deduct the loss in 2013 subject to the limits discussed later. Idaho state tax forms 1040ez Actual reimbursement more than expected. Idaho state tax forms 1040ez   If you later receive more reimbursement than you expected after you claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez You do not refigure your tax for the year you claimed the deduction. Idaho state tax forms 1040ez For more information, see Recoveries in chapter 12. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Include the gain as ordinary income up to the amount of your deduction that reduced your tax for the earlier year. Idaho state tax forms 1040ez See Figuring a Gain in Publication 547 for more information on how to treat a gain from the reimbursement of a casualty or theft. Idaho state tax forms 1040ez Actual reimbursement same as expected. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez In December 2013, you had a collision while driving your personal car. Idaho state tax forms 1040ez Repairs to the car cost $950. Idaho state tax forms 1040ez You had $100 deductible collision insurance. Idaho state tax forms 1040ez Your insurance company agreed to reimburse you for the rest of the damage. Idaho state tax forms 1040ez Because you expected a reimbursement from the insurance company, you did not have a casualty loss deduction in 2013. Idaho state tax forms 1040ez Due to the $100 rule (discussed later under Deduction Limits ), you cannot deduct the $100 you paid as the deductible. Idaho state tax forms 1040ez When you receive the $850 from the insurance company in 2014, do not report it as income. Idaho state tax forms 1040ez Single Casualty on Multiple Properties Personal property. Idaho state tax forms 1040ez   Personal property is any property that is not real property. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Then combine these separate losses to figure the total loss from that casualty or theft. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez A fire in your home destroyed an upholstered chair, an oriental rug, and an antique table. Idaho state tax forms 1040ez You did not have fire insurance to cover your loss. Idaho state tax forms 1040ez (This was the only casualty or theft you had during the year. Idaho state tax forms 1040ez ) You paid $750 for the chair and you established that it had an FMV of $500 just before the fire. Idaho state tax forms 1040ez The rug cost $3,000 and had an FMV of $2,500 just before the fire. Idaho state tax forms 1040ez You bought the table at an auction for $100 before discovering it was an antique. Idaho state tax forms 1040ez It had been appraised at $900 before the fire. Idaho state tax forms 1040ez You figure your loss on each of these items as follows:     Chair Rug Table 1) Basis (cost) $750 $3,000 $100 2) FMV before fire $500 $2,500 $900 3) FMV after fire –0– –0– –0– 4) Decrease in FMV $500 $2,500 $900 5) Loss (smaller of (1) or  (4)) $500 $2,500 $100           6) Total loss     $3,100 Real property. Idaho state tax forms 1040ez   In figuring a casualty loss on personal-use real property, treat the entire property (including any improvements, such as buildings, trees, and shrubs) as one item. Idaho state tax forms 1040ez Figure the loss using the smaller of the adjusted basis or the decrease in FMV of the entire property. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez You bought your home a few years ago. Idaho state tax forms 1040ez You paid $160,000 ($20,000 for the land and $140,000 for the house). Idaho state tax forms 1040ez You also spent $2,000 for landscaping. Idaho state tax forms 1040ez This year a fire destroyed your home. Idaho state tax forms 1040ez The fire also damaged the shrubbery and trees in your yard. Idaho state tax forms 1040ez The fire was your only casualty or theft loss this year. Idaho state tax forms 1040ez Competent appraisers valued the property as a whole at $200,000 before the fire, but only $30,000 after the fire. Idaho state tax forms 1040ez (The loss to your household furnishings is not shown in this example. Idaho state tax forms 1040ez It would be figured separately on each item, as explained earlier under Personal property . Idaho state tax forms 1040ez ) Shortly after the fire, the insurance company paid you $155,000 for the loss. Idaho state tax forms 1040ez You figure your casualty loss as follows: 1) Adjusted basis of the entire property (land, building, and landscaping) $162,000 2) FMV of entire property before fire $200,000 3) FMV of entire property after fire 30,000 4) Decrease in FMV of entire  property $170,000 5) Loss (smaller of (1) or (4)) $162,000 6) Subtract insurance 155,000 7) Amount of loss after reimbursement $7,000 Deduction Limits After you have figured your casualty or theft loss, you must figure how much of the loss you can deduct. Idaho state tax forms 1040ez If the loss was to property for your personal use or your family's use, there are two limits on the amount you can deduct for your casualty or theft loss. Idaho state tax forms 1040ez You must reduce each casualty or theft loss by $100 ($100 rule). Idaho state tax forms 1040ez You must further reduce the total of all your casualty or theft losses by 10% of your adjusted gross income (10% rule). Idaho state tax forms 1040ez You make these reductions on Form 4684. Idaho state tax forms 1040ez These rules are explained next and Table 25-1 summarizes how to apply the $100 rule and the 10% rule in various situations. Idaho state tax forms 1040ez For more detailed explanations and examples, see Publication 547. Idaho state tax forms 1040ez Table 25-1. Idaho state tax forms 1040ez How To Apply the Deduction Limits for Personal-Use Property   $100 Rule 10% Rule General Application You must reduce each casualty or theft loss by $100 when figuring your deduction. Idaho state tax forms 1040ez Apply this rule after you have figured the amount of your loss. Idaho state tax forms 1040ez You must reduce your total casualty or theft loss by 10% of your adjusted gross income. Idaho state tax forms 1040ez Apply this rule after you reduce each loss by $100 (the $100 rule). Idaho state tax forms 1040ez Single Event Apply this rule only once, even if many pieces of property are affected. Idaho state tax forms 1040ez Apply this rule only once, even if many pieces of property are affected. Idaho state tax forms 1040ez More Than One Event Apply to the loss from each event. Idaho state tax forms 1040ez Apply to the total of all your losses from all events. Idaho state tax forms 1040ez More Than One Person— With Loss From the Same Event (other than a married couple filing jointly) Apply separately to each person. Idaho state tax forms 1040ez Apply separately to each person. Idaho state tax forms 1040ez Married Couple—With Loss From the Same Event Filing Jointly Apply as if you were one person. Idaho state tax forms 1040ez Apply as if you were one person. Idaho state tax forms 1040ez Filing Separately Apply separately to each spouse. Idaho state tax forms 1040ez Apply separately to each spouse. Idaho state tax forms 1040ez More Than One Owner (other than a married couple filing jointly) Apply separately to each owner of jointly owned property. Idaho state tax forms 1040ez Apply separately to each owner of jointly owned property. Idaho state tax forms 1040ez Property used partly for business and partly for personal purposes. Idaho state tax forms 1040ez   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 part and for the business or income-producing part. Idaho state tax forms 1040ez You must figure each loss separately because the $100 rule and the 10% rule apply only to the loss on the personal-use part of the property. Idaho state tax forms 1040ez $100 Rule After you have figured your casualty or theft loss on personal-use property, you must reduce that loss by $100. Idaho state tax forms 1040ez This reduction applies to each total casualty or theft loss. Idaho state tax forms 1040ez It does not matter how many pieces of property are involved in an event. Idaho state tax forms 1040ez Only a single $100 reduction applies. Idaho state tax forms 1040ez Example. Idaho state tax forms 1040ez A hailstorm damages your home and your car. Idaho state tax forms 1040ez Determine the amount of loss, as discussed earlier, for each of these items. Idaho state tax forms 1040ez Since the losses are due to a single event, you combine the losses and reduce the combined amount by $100. Idaho state tax forms 1040ez Single event. Idaho state tax forms 1040ez   Generally, events closely related in origin cause a single casualty. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Apply this rule after you reduce each loss by $100. Idaho state tax forms 1040ez For more information, see the Form 4684 instructions. Idaho state tax forms 1040ez If you have both gains and losses from casualties or thefts, see Gains and losses , later in this discussion. Idaho state tax forms 1040ez Example 1. Idaho state tax forms 1040ez In June, you discovered that your house had been burglarized. Idaho state tax forms 1040ez Your loss after insurance reimbursement was $2,000. Idaho state tax forms 1040ez Your adjusted gross income for the year you discovered the theft is $29,500. Idaho state tax forms 1040ez You first apply the $100 rule and then the 10% rule. Idaho state tax forms 1040ez Figure your theft loss deduction as follows. Idaho state tax forms 1040ez 1) Loss after insurance $2,000 2) Subtract $100 100 3) Loss after $100 rule $1,900 4) Subtract 10% × $29,500 AGI 2,950 5) Theft loss deduction –0– You do not have a theft loss deduction because your loss after you apply the $100 rule ($1,900) is less than 10% of your adjusted gross income ($2,950). Idaho state tax forms 1040ez Example 2. Idaho state tax forms 1040ez In March, you had a car accident that totally destroyed your car. Idaho state tax forms 1040ez You did not have collision insurance on your car, so you did not receive any insurance reimbursement. Idaho state tax forms 1040ez Your loss on the car was $1,800. Idaho state tax forms 1040ez In November, a fire damaged your basement and totally destroyed the furniture, washer, dryer, and other items stored there. Idaho state tax forms 1040ez Your loss on the basement items after reimbursement was $2,100. Idaho state tax forms 1040ez Your adjusted gross income for the year that the accident and fire occurred is $25,000. Idaho state tax forms 1040ez You figure your casualty loss deduction as follows. Idaho state tax forms 1040ez       Base-     Car ment 1) Loss $1,800 $2,100 2) Subtract $100 per incident 100 100 3) Loss after $100 rule $1,700 $2,000 4) Total loss $3,700 5) Subtract 10% × $25,000 AGI 2,500 6) Casualty loss deduction $1,200 Gains and losses. Idaho state tax forms 1040ez   If you had both gains and losses from casualties or thefts to personal-use property, you must compare your total gains to your total losses. Idaho state tax forms 1040ez 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. Idaho state tax forms 1040ez Casualty or theft gains do not include gains you choose to postpone. Idaho state tax forms 1040ez See Publication 547 for information on the postponement of gain. Idaho state tax forms 1040ez Losses more than gains. Idaho state tax forms 1040ez   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. Idaho state tax forms 1040ez The rest, if any, is your deductible loss from personal-use property. Idaho state tax forms 1040ez Gains more than losses. Idaho state tax forms 1040ez   If your recognized gains are more than your losses, subtract your losses from your gains. Idaho state tax forms 1040ez The difference is treated as capital gain and must be reported on Schedule D (Form 1040). Idaho state tax forms 1040ez The 10% rule does not apply to your gains. Idaho state tax forms 1040ez When To Report Gains and Losses Gains. Idaho state tax forms 1040ez   If you receive an insurance or other reimbursement that is more than your adjusted basis in the destroyed or stolen property, you have a gain from the casualty or theft. Idaho state tax forms 1040ez You must include this gain in your income in the year you receive the reimbursement, unless you choose to postpone reporting the gain as explained in Publication 547. Idaho state tax forms 1040ez If you have a loss, see Table 25-2 . Idaho state tax forms 1040ez Table 25-2. Idaho state tax forms 1040ez When To Deduct a Loss IF you have a loss. Idaho state tax forms 1040ez . Idaho state tax forms 1040ez . Idaho state tax forms 1040ez THEN deduct it in the year. Idaho state tax forms 1040ez . Idaho state tax forms 1040ez . Idaho state tax forms 1040ez from a casualty, the loss occurred. Idaho state tax forms 1040ez in a federally declared disaster area, the disaster occurred or the year immediately before the disaster. Idaho state tax forms 1040ez from a theft, the theft was discovered. Idaho state tax forms 1040ez on a deposit treated as a:   • casualty or any ordinary loss, a reasonable estimate can be made. Idaho state tax forms 1040ez • bad debt, deposits are totally worthless. Idaho state tax forms 1040ez Losses. Idaho state tax forms 1040ez   Generally, you can deduct a casualty loss that is not reimbursable only in the tax year in which the casualty occurred. Idaho state tax forms 1040ez This is true even if you do not repair or replace the damaged property until a later year. Idaho state tax forms 1040ez   You can deduct theft losses that are not reimbursable only in the year you discover your property was stolen. Idaho state tax forms 1040ez   If you are not sure whether part of your casualty or theft loss will be reimbursed, do not deduct that part until the tax year when you become reasonably certain that it will not be reimbursed. Idaho state tax forms 1040ez Loss on deposits. Idaho state tax forms 1040ez   If your loss is a loss on deposits in an insolvent or bankrupt financial institution, see Loss on Deposits , earlier. Idaho state tax forms 1040ez Disaster Area Loss You generally must deduct a casualty loss in the year it occurred. Idaho state tax forms 1040ez However, if you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), you can choose to deduct the loss on your tax return or amended return for either of the following years. Idaho state tax forms 1040ez The year the disaster occurred. Idaho state tax forms 1040ez The year immediately preceding the year the disaster occurred. Idaho state tax forms 1040ez Gains. Idaho state tax forms 1040ez    Special rules apply if you choose to postpone reporting gain on property damaged or destroyed in a federally declared disaster area. Idaho state tax forms 1040ez For those special rules, see Publication 547. Idaho state tax forms 1040ez Postponed tax deadlines. Idaho state tax forms 1040ez   The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. Idaho state tax forms 1040ez The tax deadlines the IRS may postpone include those for filing income and employment tax returns, paying income and employment taxes, and making contributions to a traditional IRA or Roth IRA. Idaho state tax forms 1040ez   If any tax deadline is postponed, the IRS will publicize the postponement in your area by publishing a news release, revenue ruling, revenue procedure, notice, announcement, or other guidance in the Internal Revenue Bulletin (IRB). Idaho state tax forms 1040ez Go to www. Idaho state tax forms 1040ez irs. Idaho state tax forms 1040ez gov/uac/Tax-Relief-in-Disaster-Situations to find out if a tax deadline has been postponed for your area. Idaho state tax forms 1040ez Who is eligible. Idaho state tax forms 1040ez   If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement. Idaho state tax forms 1040ez Any individual whose main home is located in a covered disaster area (defined next). Idaho state tax forms 1040ez Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. Idaho state tax forms 1040ez Any individual who is a relief worker affiliated with a recognized government or philanthropic organization who is assisting in a covered disaster area. Idaho state tax forms 1040ez Any individual, business entity, or sole proprietorship whose records are needed to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. Idaho state tax forms 1040ez The main home or principal place of business does not have to be located in the covered disaster area. Idaho state tax forms 1040ez Any estate or trust that has tax records necessary to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. Idaho state tax forms 1040ez The spouse on a joint return with a taxpayer who is eligible for postponements. Idaho state tax forms 1040ez Any individual, business entity, or sole proprietorship not located in a covered disaster area, but whose records necessary to meet a postponed tax deadline are located in the covered disaster area. Idaho state tax forms 1040ez Any individual visiting the covered disaster area who was killed or injured as a result of the disaster. Idaho state tax forms 1040ez Any other person determined by the IRS to be affected by a federally declared disaster. Idaho state tax forms 1040ez Covered disaster area. Idaho state tax forms 1040ez   This is an area of a federally declared disaster in which the IRS has decided to postpone tax deadlines for up to 1 year. Idaho state tax forms 1040ez Abatement of interest and penalties. Idaho state tax forms 1040ez   The IRS may abate the interest and penalties on underpaid income tax for the length of any postponement of tax deadlines. Idaho state tax forms 1040ez More information. Idaho state tax forms 1040ez   For more information, see Disaster Area Losses in Publication 547. Idaho state tax forms 1040ez How To Report Gains and Losses Use Form 4684 to report a gain or a deductible loss from a casualty or theft. Idaho state tax forms 1040ez If you have more than one casualty or theft, use a separate Form 4684 to determine your gain or loss for each event. Idaho state tax forms 1040ez Combine the gains and losses on one Form 4684. Idaho state tax forms 1040ez Follow the form instructions as to which lines to fill out. Idaho state tax forms 1040ez In addition, you must use the appropriate schedule to report a gain or loss. Idaho state tax forms 1040ez The schedule you use depends on whether you have a gain or loss. Idaho state tax forms 1040ez If you have a: Report it on: Gain Schedule D (Form 1040) Loss Schedule A (Form 1040) Adjustments to basis. Idaho state tax forms 1040ez   If you have a casualty or theft loss, you must decrease your basis in the property by any insurance or other reimbursement you receive, and by any deductible loss. Idaho state tax forms 1040ez Amounts you spend to restore your property after a casualty increase your adjusted basis. Idaho state tax forms 1040ez See Adjusted Basis in chapter 13 for more information. Idaho state tax forms 1040ez Net operating loss (NOL). Idaho state tax forms 1040ez    If your casualty or theft loss deduction causes your deductions for the year to be more than your income for the year, you may have an NOL. Idaho state tax forms 1040ez You can use an NOL to lower your tax in an earlier year, allowing you to get a refund for tax you have already paid. Idaho state tax forms 1040ez Or, you can use it to lower your tax in a later year. Idaho state tax forms 1040ez You do not have to be in business to have an NOL from a casualty or theft loss. Idaho state tax forms 1040ez For more information, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. Idaho state tax forms 1040ez Prev  Up  Next   Home   More Online Publications
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The Idaho State Tax Forms 1040ez

Idaho state tax forms 1040ez Publication 527 - Additional Material Prev  Up  Next   Home   More Online Publications