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Amended State Tax Return

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Amended State Tax Return

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

 About Us:


The Taxpayer Advocacy Panel, a Federal Advisory Committee to the Internal Revenue Service (IRS), helps to identify tax issues of importance to taxpayers and to provide a taxpayer perspective to the IRS on key programs, products, and services. It also serves as a focus group that makes recommendations to the IRS and the National Taxpayer Advocate.


TAP is a group of 75 citizen volunteers who listen to taxpayers, identify taxpayers’ issues, and make suggestions for improving IRS service and customer satisfaction. The Panel is demographically and geographically diverse with taxpayers from all walks of life representing each state, the District of Columbia and Puerto Rico. In 2015, the TAP will also have at least one member living abroad to represent international taxpayers.


TAP members conduct outreach to solicit suggestions or ideas from citizens, and serve on project committees working with IRS program owners on topics important to taxpayers and the IRS. The members participate in meetings and focus groups and develop and submit recommendations to improve the IRS.

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Have a suggestion for improving the IRS and don't know whom to contact? We would like to hear from you. If you have a suggestion to improve the IRS, Speak Up!  Contact TAP at our website or at 1-888-912-1227 (toll-free number).

 

Page Last Reviewed or Updated: 10-Mar-2014

The Amended State Tax Return

Amended state tax return Part Four -   Adjustments to Income The three chapters in this part discuss some of the adjustments to income that you can deduct in figuring your adjusted gross income. Amended state tax return These chapters cover: Contributions you make to traditional individual retirement arrangements (IRAs) — chapter 17, Alimony you pay — chapter 18, and Student loan interest you pay — chapter 19. Amended state tax return Other adjustments to income are discussed elsewhere. Amended state tax return See Table V below. Amended state tax return Table V. Amended state tax return Other Adjustments to Income  Use this table to find information about other adjustments to income not covered in this part of the publication. Amended state tax return IF you are looking for more information about the deduction for. Amended state tax return . Amended state tax return . Amended state tax return THEN see. Amended state tax return . Amended state tax return . Amended state tax return Certain business expenses of reservists, performing artists, and fee-basis officials Chapter 26. Amended state tax return Contributions to a health savings account Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans. Amended state tax return Moving expenses Publication 521, Moving Expenses. Amended state tax return Part of your self-employment tax Chapter 22. Amended state tax return Self-employed health insurance Chapter 21. Amended state tax return Payments to self-employed SEP, SIMPLE, and qualified plans Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). Amended state tax return Penalty on the early withdrawal of savings Chapter 7. Amended state tax return Contributions to an Archer MSA Publication 969. Amended state tax return Reforestation amortization or expense Chapters 7 and 8 of Publication 535, Business Expenses. Amended state tax return Contributions to Internal Revenue Code section 501(c)(18)(D) pension plans Publication 525, Taxable and Nontaxable Income. Amended state tax return Expenses from the rental of personal property Chapter 12. Amended state tax return Certain required repayments of supplemental unemployment benefits (sub-pay) Chapter 12. Amended state tax return Foreign housing costs Chapter 4 of Publication 54, Tax Guide for U. Amended state tax return S. Amended state tax return Citizens and Resident Aliens Abroad. Amended state tax return Jury duty pay given to your employer Chapter 12. Amended state tax return Contributions by certain chaplains to Internal Revenue Code section 403(b) plans Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Amended state tax return Attorney fees and certain costs for actions involving certain unlawful discrimination claims or awards to whistleblowers Publication 525. Amended state tax return Domestic production activities deduction Form 8903, Domestic Production Activities Deduction. Amended state tax return Table of Contents 17. Amended state tax return   Individual Retirement Arrangements (IRAs)What's New Reminders Introduction Useful Items - You may want to see: Traditional IRAsWho Can Open a Traditional IRA? When and How Can a Traditional IRA Be Opened? How Much Can Be Contributed? When Can Contributions Be Made? How Much Can You Deduct? Nondeductible Contributions Inherited IRAs Can You Move Retirement Plan Assets? When Can You Withdraw or Use IRA Assets? When Must You Withdraw IRA Assets? (Required Minimum Distributions) Are Distributions Taxable? What Acts Result in Penalties or Additional Taxes? Roth IRAsWhat Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA? Can You Move Amounts Into a Roth IRA? Are Distributions Taxable? 18. Amended state tax return   AlimonyIntroductionSpouse or former spouse. Amended state tax return Divorce or separation instrument. Amended state tax return Useful Items - You may want to see: General RulesMortgage payments. Amended state tax return Taxes and insurance. Amended state tax return Other payments to a third party. Amended state tax return Instruments Executed After 1984Payments to a third party. Amended state tax return Exception. Amended state tax return Substitute payments. Amended state tax return Specifically designated as child support. Amended state tax return Contingency relating to your child. Amended state tax return Clearly associated with a contingency. Amended state tax return How To Deduct Alimony Paid How To Report Alimony Received Recapture Rule 19. Amended state tax return   Education- Related AdjustmentsIntroduction Useful Items - You may want to see: Student Loan Interest DeductionStudent Loan Interest Defined Can You Claim the Deduction How Much Can You Deduct How Do You Figure the Deduction Tuition and Fees DeductionCan You Claim the Deduction What Expenses Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses How Much Can You Deduct Educator Expenses Prev  Up  Next   Home   More Online Publications