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Amendment To Tax Return 2013

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Amendment To Tax Return 2013

Amendment to tax return 2013 Publication 555 - Main Content Table of Contents Domicile Community or Separate Property and Income Identifying Income, Deductions, and CreditsIncome Exemptions Deductions Credits, Taxes, and Payments Community Property Laws DisregardedRequesting relief. Amendment to tax return 2013 Equitable relief. Amendment to tax return 2013 Earned income. Amendment to tax return 2013 Trade or business income. Amendment to tax return 2013 Partnership income or loss. Amendment to tax return 2013 Separate property income. Amendment to tax return 2013 Social security benefits. Amendment to tax return 2013 Other income. Amendment to tax return 2013 End of the Community Preparing a Federal Income Tax ReturnJoint Return Versus Separate Returns Separate Return Preparation How To Get Tax HelpLow Income Taxpayer Clinics Domicile Whether you have community property and community income depends on the state where you are domiciled. Amendment to tax return 2013 If you and your spouse (or your registered domestic partner) have different domiciles, check the laws of each to see whether you have community property or community income. Amendment to tax return 2013 You have only one domicile even if you have more than one home. Amendment to tax return 2013 Your domicile is a permanent legal home that you intend to use for an indefinite or unlimited period, and to which, when absent, you intend to return. Amendment to tax return 2013 The question of your domicile is mainly a matter of your intention as indicated by your actions. Amendment to tax return 2013 You must be able to show that you intend a given place or state to be your permanent home. Amendment to tax return 2013 If you move into or out of a community property state during the year, you may or may not have community income. Amendment to tax return 2013 Factors considered in determining domicile include: Where you pay state income tax, Where you vote, Location of property you own, Your citizenship, Length of residence, and Business and social ties to the community. Amendment to tax return 2013 Amount of time spent. Amendment to tax return 2013    The amount of time spent in one place does not always explain the difference between home and domicile. Amendment to tax return 2013 A temporary home or residence may continue for months or years while a domicile may be established the first moment you occupy the property. Amendment to tax return 2013 Your intent is the determining factor in proving where you have your domicile. Amendment to tax return 2013    Note. Amendment to tax return 2013 When this publication refers to where you live, it means your domicile. Amendment to tax return 2013 Community or Separate Property and Income If you file a federal tax return separately from your spouse, you must report half of all community income and all of your separate income. Amendment to tax return 2013 Likewise, a registered domestic partner must report half of all community income and all of his or her separate income on his or her federal tax return. Amendment to tax return 2013 You each must attach your Form 8958 to your Form 1040 showing how you figured the amount you are reporting on your return. Amendment to tax return 2013 Generally, the laws of the state in which you are domiciled govern whether you have community property and community income or separate property and separate income for federal tax purposes. Amendment to tax return 2013 The following is a summary of the general rules. Amendment to tax return 2013 These rules are also shown in Table 1. Amendment to tax return 2013 Community property. Amendment to tax return 2013    Generally, community property is property: That you, your spouse (or your registered domestic partner), or both acquire during your marriage (or registered domestic partnership) while you and your spouse (or your registered domestic partner) are domiciled in a community property state. Amendment to tax return 2013 That you and your spouse (or your registered domestic partner) agreed to convert from separate to community property. Amendment to tax return 2013 That cannot be identified as separate property. Amendment to tax return 2013 Community income. Amendment to tax return 2013    Generally, community income is income from: Community property. Amendment to tax return 2013 Salaries, wages, and other pay received for the services performed by you, your spouse (or your registered domestic partner), or both during your marriage (or registered domestic partnership) while domiciled in a community property state. Amendment to tax return 2013 Real estate that is treated as community property under the laws of the state where the property is located. Amendment to tax return 2013 Note Separate property. Amendment to tax return 2013    Generally, separate property is: Property that you or your spouse (or your registered domestic partner) owned separately before your marriage (or registered domestic partnership). Amendment to tax return 2013 Money earned while domiciled in a noncommunity property state. Amendment to tax return 2013 Property that you or your spouse (or your registered domestic partner) received separately as a gift or inheritance during your marriage (or registered domestic partnership). Amendment to tax return 2013 Property that you or your spouse (or your registered domestic partner) bought with separate funds, or acquired in exchange for separate property, during your marriage (or registered domestic partnership). Amendment to tax return 2013 Property that you and your spouse (or your registered domestic partner) converted from community property to separate property through an agreement valid under state law. Amendment to tax return 2013 The part of property bought with separate funds, if part was bought with community funds and part with separate funds. Amendment to tax return 2013 Separate income. Amendment to tax return 2013    Generally, income from separate property is the separate income of the spouse (or the registered domestic partner) who owns the property. Amendment to tax return 2013    In Idaho, Louisiana, Texas, and Wisconsin, income from most separate property is community income. Amendment to tax return 2013 Table 1. Amendment to tax return 2013 General Rules — Property and Income: Community or Separate? Community property is property: That you, your spouse (or your registered domestic partner), or both acquire during your marriage (or registered domestic partnership) while you and your spouse (or your registered domestic partner) are domiciled in a community property state. Amendment to tax return 2013 (Includes the part of property bought with community property funds if part was bought with community funds and part with separate funds. Amendment to tax return 2013 ) That you and your spouse (or your registered domestic partner) agreed to convert from separate to community property. Amendment to tax return 2013 That cannot be identified as separate property. Amendment to tax return 2013 Separate property is: Property that you or your spouse (or your registered domestic partner) owned separately before your marriage (or registered domestic partnership). Amendment to tax return 2013 Money earned while domiciled in a noncommunity property state. Amendment to tax return 2013 Property either of you received as a gift or inherited separately during your marriage (or registered domestic partnership). Amendment to tax return 2013 Property bought with separate funds, or exchanged for separate property, during your marriage (or registered domestic partnership). Amendment to tax return 2013 Property that you and your spouse (or your registered domestic partner) agreed to convert from community to separate property through an agreement valid under state law. Amendment to tax return 2013 The part of property bought with separate funds, if part was bought with community funds and part with separate funds. Amendment to tax return 2013 Community income 1,2,3 is income from: Community property. Amendment to tax return 2013 Salaries, wages, or pay for services of you, your spouse (or your registered domestic partner), or both during your marriage (or registered domestic partnership) while domiciled in a community property state. Amendment to tax return 2013 Real estate that is treated as community property under the laws of the state where the property is located. Amendment to tax return 2013 Separate income 1,2 is income from: Separate property which belongs to the spouse (or registered domestic partner) who owns the property. Amendment to tax return 2013 1In Idaho, Louisiana, Texas, and Wisconsin, income from most separate property is community income. Amendment to tax return 2013 2Check your state law if you are separated but do not meet the conditions discussed in Spouses living apart all year , later. Amendment to tax return 2013 In some states, the income you earn after you are separated and before a divorce decree is issued continues to be community income. Amendment to tax return 2013 In other states, it is separate income. Amendment to tax return 2013 3Under special rules, income that can otherwise be characterized as community income may not be treated as community income for federal income tax purposes in certain situations. Amendment to tax return 2013 See Community Property Laws Disregarded , later. Amendment to tax return 2013 Identifying Income, Deductions, and Credits If you file separate returns, you and your spouse (or your registered domestic partner) each must attach your Form 8958 to your Form 1040 to identify your community and separate income, deductions, credits, and other return amounts according to the laws of your state. Amendment to tax return 2013 Under special rules, income that can otherwise be characterized as community income may not be treated as community income for federal income tax purposes in certain situations. Amendment to tax return 2013 See Community Property Laws Disregarded, later. Amendment to tax return 2013 Check your state law if you are separated but do not meet the conditions discussed in Spouses living apart all year, later. Amendment to tax return 2013 In some states, the income you earn after you are separated and before a divorce decree is issued continues to be community income. Amendment to tax return 2013 In other states, it is separate income. Amendment to tax return 2013 Income The following is a discussion of the general effect of community property laws on the federal income tax treatment of certain items of income. Amendment to tax return 2013 Wages, earnings, and profits. Amendment to tax return 2013    A spouse's (or your registered domestic partner's) wages, earnings, and net profits from a sole proprietorship are community income and must be evenly split. Amendment to tax return 2013 Dividends, interest, and rents. Amendment to tax return 2013    Dividends, interest, and rents from community property are community income and must be evenly split. Amendment to tax return 2013 Dividends, interest, and rents from separate property are characterized in accordance with the discussion under Income from separate property , later. Amendment to tax return 2013 Example. Amendment to tax return 2013 If you and your spouse (or your registered domestic partner) buy a bond that is considered community property under your state laws, half the bond interest belongs to you and half belongs to your spouse. Amendment to tax return 2013 You each must show the bond interest and the split of that interest on your Form 8958, and report half the interest on your Form 1040. Amendment to tax return 2013 Attach your Form 8958 to your Form 1040. Amendment to tax return 2013 Alimony received. Amendment to tax return 2013    Alimony or separate maintenance payments made prior to divorce are taxable to the payee spouse only to the extent they exceed 50% (his or her share) of the reportable community income. Amendment to tax return 2013 This is so because the payee spouse is already required to report half of the community income. Amendment to tax return 2013 See also Alimony paid , later. Amendment to tax return 2013 Gains and losses. Amendment to tax return 2013    Gains and losses are classified as separate or community depending on how the property is held. Amendment to tax return 2013 For example, a loss on separate property, such as stock held separately, is a separate loss. Amendment to tax return 2013 On the other hand, a loss on community property, such as a casualty loss to your home held as community property, is a community loss. Amendment to tax return 2013 See Publication 544, Sales and Other Dispositions of Assets, for information on gains and losses. Amendment to tax return 2013 See Publication 547, Casualties, Disasters, and Thefts, for information on losses due to a casualty or theft. Amendment to tax return 2013 Withdrawals from individual retirement arrangements (IRAs) and Coverdell Education Savings Accounts (ESAs). Amendment to tax return 2013    There are several kinds of individual retirement arrangements (IRAs). Amendment to tax return 2013 They are traditional IRAs (including SEP-IRAs), SIMPLE IRAs, and Roth IRAs. Amendment to tax return 2013 IRAs and ESAs by law are deemed to be separate property. Amendment to tax return 2013 Therefore, taxable IRA and ESA distributions are separate property, even if the funds in the account would otherwise be community property. Amendment to tax return 2013 These distributions are wholly taxable to the spouse (or registered domestic partner) whose name is on the account. Amendment to tax return 2013 That spouse (or registered domestic partner) is also liable for any penalties and additional taxes on the distributions. Amendment to tax return 2013 Pensions. Amendment to tax return 2013    Generally, distributions from pensions will be characterized as community or separate income depending on the respective periods of participation in the pension while married (or during the registered domestic partnership) and domiciled in a community property state or in a noncommunity property state during the total period of participation in the pension. Amendment to tax return 2013 See the example under Civil service retirement , later. Amendment to tax return 2013 These rules may vary between states. Amendment to tax return 2013 Check your state law. Amendment to tax return 2013 Lump-sum distributions. Amendment to tax return 2013    If you were born before January 2, 1936, and receive a lump-sum distribution from a qualified retirement plan, you may be able to choose an optional method of figuring the tax on the distribution. Amendment to tax return 2013 For the 10-year tax option, you must disregard community property laws. Amendment to tax return 2013 For more information, see Publication 575, Pension and Annuity Income, and Form 4972, Tax on Lump-Sum Distributions. Amendment to tax return 2013 Civil service retirement. Amendment to tax return 2013    For income tax purposes, community property laws apply to annuities payable under the Civil Service Retirement Act (CSRS) or Federal Employee Retirement System (FERS). Amendment to tax return 2013   Whether a civil service annuity is separate or community income depends on your marital status (or your status as a registered domestic partner) and domicile of the employee when the services were performed for which the annuity is paid. Amendment to tax return 2013 Even if you now live in a noncommunity property state and you receive a civil service annuity, it may be community income if it is based on services you performed while married (or during the registered domestic partnership) and domiciled in a community property state. Amendment to tax return 2013   If a civil service annuity is a mixture of community income and separate income, it must be divided between the two kinds of income. Amendment to tax return 2013 The division is based on the employee's domicile and marital status (or registered domestic partnership) in community and noncommunity property states during his or her periods of service. Amendment to tax return 2013 Example. Amendment to tax return 2013 Henry Wright retired this year after 30 years of civil service. Amendment to tax return 2013 He and his wife were domiciled in a community property state during the past 15 years. Amendment to tax return 2013 Since half the service was performed while the Wrights were married and domiciled in a community property state, half the civil service retirement pay is considered to be community income. Amendment to tax return 2013 If Mr. Amendment to tax return 2013 Wright receives $1,000 a month in retirement pay, $500 is considered community income—half ($250) is his income and half ($250) is his wife's. Amendment to tax return 2013 Military retirement pay. Amendment to tax return 2013    State community property laws apply to military retirement pay. Amendment to tax return 2013 Generally, the pay is either separate or community income based on the marital status and domicile of the couple while the member of the Armed Forces was in active military service. Amendment to tax return 2013 For example, military retirement pay for services performed during marriage and domicile in a community property state is community income. Amendment to tax return 2013   Active military pay earned while married and domiciled in a community property state is also community income. Amendment to tax return 2013 This income is considered to be received half by the member of the Armed Forces and half by the spouse. Amendment to tax return 2013 Partnership income. Amendment to tax return 2013    If an interest is held in a partnership, and income from the partnership is attributable to the efforts of either spouse (or registered domestic partner), the partnership income is community property. Amendment to tax return 2013 If it is merely a passive investment in a separate property partnership, the partnership income will be characterized in accordance with the discussion under Income from separate property , later. Amendment to tax return 2013 Tax-exempt income. Amendment to tax return 2013    For spouses, community income exempt from federal tax generally keeps its exempt status for both spouses. Amendment to tax return 2013 For example, under certain circumstances, income earned outside the United States is tax exempt. Amendment to tax return 2013 If you earned income and met the conditions that made it exempt, the income is also exempt for your spouse even though he or she may not have met the conditions. Amendment to tax return 2013 Registered domestic partners should consult the particular exclusion provision to see if the exempt status applies to both. Amendment to tax return 2013 Income from separate property. Amendment to tax return 2013    In some states, income from separate property is separate income. Amendment to tax return 2013 These states include Arizona, California, Nevada, New Mexico, and Washington. Amendment to tax return 2013 Other states characterize income from separate property as community income. Amendment to tax return 2013 These states include Idaho, Louisiana, Texas, and Wisconsin. Amendment to tax return 2013 Exemptions When you file separate returns, you must claim your own exemption amount for that year. Amendment to tax return 2013 (See your tax return instructions. Amendment to tax return 2013 ) You cannot divide the amount allowed as an exemption for a dependent between you and your spouse (or your registered domestic partner). Amendment to tax return 2013 When community funds provide support for more than one person, each of whom otherwise qualifies as a dependent, you and your spouse (or your registered domestic partner) may divide the number of dependency exemptions as explained in the following example. Amendment to tax return 2013 Example. Amendment to tax return 2013 Ron and Diane White have three dependent children and live in Nevada. Amendment to tax return 2013 If Ron and Diane file separately, only Ron can claim his own exemption, and only Diane can claim her own exemption. Amendment to tax return 2013 Ron and Diane can agree that one of them will claim the exemption for one, two, or all of their children and the other will claim any remaining exemptions. Amendment to tax return 2013 They cannot each claim half of the total exemption amount for their three children. Amendment to tax return 2013 Deductions If you file separate returns, your deductions generally depend on whether the expenses involve community or separate income. Amendment to tax return 2013 Business and investment expenses. Amendment to tax return 2013    If you file separate returns, expenses incurred to earn or produce community business or investment income are generally divided equally between you and your spouse (or your registered domestic partner). Amendment to tax return 2013 Each of you is entitled to deduct one-half of the expenses on your separate returns. Amendment to tax return 2013 Expenses incurred by a spouse (or registered domestic partner) to produce separate business or investment income is deductible by the spouse (or the registered domestic partner) who earns the corresponding separate business or investment income. Amendment to tax return 2013    Other limits may also apply to business and investment expenses. Amendment to tax return 2013 For more information, see Publication 535, Business Expenses, and Publication 550, Investment Income and Expenses. Amendment to tax return 2013 Alimony paid. Amendment to tax return 2013    Payments that may otherwise qualify as alimony are not deductible by the payer if they are the recipient spouse's part of community income. Amendment to tax return 2013 They are deductible as alimony only to the extent they are more than that spouse's part of community income. Amendment to tax return 2013 Example. Amendment to tax return 2013 You live in a community property state. Amendment to tax return 2013 You are separated but the special rules explained later under Spouses living apart all year do not apply. Amendment to tax return 2013 Under a written agreement, you pay your spouse $12,000 of your $20,000 total yearly community income. Amendment to tax return 2013 Your spouse receives no other community income. Amendment to tax return 2013 Under your state law, earnings of a spouse living separately and apart from the other spouse continue as community property. Amendment to tax return 2013 On your separate returns, each of you must report $10,000 of the total community income. Amendment to tax return 2013 In addition, your spouse must report $2,000 as alimony received. Amendment to tax return 2013 You can deduct $2,000 as alimony paid. Amendment to tax return 2013 IRA deduction. Amendment to tax return 2013    Deductions for IRA contributions cannot be split between spouses (or registered domestic partners). Amendment to tax return 2013 The deduction for each spouse (or each registered domestic partner) is figured separately and without regard to community property laws. Amendment to tax return 2013 Personal expenses. Amendment to tax return 2013   Expenses that are paid out of separate funds, such as medical expenses, are deductible by the spouse who pays them. Amendment to tax return 2013 If these expenses are paid from community funds, divide the deduction equally between you and your spouse. Amendment to tax return 2013 Credits, Taxes, and Payments The following is a discussion of the general effect of community property laws on the treatment of certain credits, taxes, and payments on your separate return. Amendment to tax return 2013 Child tax credit. Amendment to tax return 2013    You may be entitled to a child tax credit for each of your qualifying children. Amendment to tax return 2013 You must provide the name and identification number (usually the social security number) of each qualifying child on your return. Amendment to tax return 2013 See your tax return instructions for the maximum amount of the credit you can claim for each qualifying child. Amendment to tax return 2013 Limit on credit. Amendment to tax return 2013    The credit is limited if your modified adjusted gross income (modified AGI) is above a certain amount. Amendment to tax return 2013 The amount at which the limitation (phaseout) begins depends on your filing status. Amendment to tax return 2013 Generally, your credit is limited to your tax liability unless you have three or more qualifying children. Amendment to tax return 2013 See your tax return instructions for more information. Amendment to tax return 2013 Self-employment tax. Amendment to tax return 2013    For the effect of community property laws on the income tax treatment of income from a sole proprietorship and partnerships, see Wages, earnings, and profits and Partnership income , earlier. Amendment to tax return 2013 The following rules only apply to persons married for federal tax purposes. Amendment to tax return 2013 Registered domestic partners report community income for self-employment tax purposes the same way they do for income tax purposes. Amendment to tax return 2013 Sole proprietorship. Amendment to tax return 2013    With regard to net income from a trade or business (other than a partnership) that is community income, self-employment tax is imposed on the spouse carrying on the trade or business. Amendment to tax return 2013 Partnerships. Amendment to tax return 2013    All of the distributive share of a married partner's income or loss from a partnership trade or business is attributable to the partner for computing any self-employment tax, even if a portion of the partner's distributive share of income or loss is community income or loss that is otherwise attributable to the partner's spouse for income tax purposes. Amendment to tax return 2013 If both spouses are partners, any self-employment tax is allocated based on their distributive shares. Amendment to tax return 2013 Federal income tax withheld. Amendment to tax return 2013    Report the credit for federal income tax withheld on community wages in the same manner as your wages. Amendment to tax return 2013 If you and your spouse file separate returns on which each of you reports half the community wages, each of you is entitled to credit for half the income tax withheld on those wages. Amendment to tax return 2013 Likewise, each registered domestic partner is entitled to credit for half the income tax withheld on those wages. Amendment to tax return 2013 Estimated tax payments. Amendment to tax return 2013    In determining whether you must pay estimated tax, apply the estimated tax rules to your estimated income. Amendment to tax return 2013 These rules are explained in Publication 505. Amendment to tax return 2013   If you think you may owe estimated tax and want to pay the tax separately (registered domestic partners must pay the tax separately), determine whether you must pay it by taking into account: Half the community income and deductions, All of your separate income and deductions, and Your own exemption and any exemptions for dependents that you may claim. Amendment to tax return 2013   Whether you and your spouse pay estimated tax jointly or separately will not affect your choice of filing joint or separate income tax returns. Amendment to tax return 2013   If you and your spouse paid estimated tax jointly but file separate income tax returns, either of you can claim all of the estimated tax paid, or you may divide it between you in any way that you agree upon. Amendment to tax return 2013   If you cannot agree on how to divide it, the estimated tax you can claim equals the total estimated tax paid times the tax shown on your separate return, divided by the total of the tax shown on your return and your spouse's return. Amendment to tax return 2013   If you paid your estimated taxes separately, you get credit for only the estimated taxes you paid. Amendment to tax return 2013 Earned income credit. Amendment to tax return 2013    You may be entitled to an earned income credit (EIC). Amendment to tax return 2013 You cannot claim this credit if your filing status is married filing separately. Amendment to tax return 2013   If you are married, but qualify to file as head of household under rules for married taxpayers living apart (see Publication 501, Exemptions, Standard Deduction, and Filing Information), and live in a state that has community property laws, your earned income for the EIC does not include any amount earned by your spouse that is treated as belonging to you under community property laws. Amendment to tax return 2013 That amount is not earned income for the EIC, even though you must include it in your gross income on your income tax return. Amendment to tax return 2013 Your earned income includes the entire amount you earned, even if part of it is treated as belonging to your spouse under your state's community property laws. Amendment to tax return 2013 The same rule applies to registered domestic partners. Amendment to tax return 2013    This rule does not apply when determining your adjusted gross income (AGI) for the EIC. Amendment to tax return 2013 Your AGI includes that part of both your and your spouse's (or your registered domestic partner's) wages that you are required to include in gross income shown on your tax return. Amendment to tax return 2013   For more information about the EIC, see Publication 596, Earned Income Credit (EIC). Amendment to tax return 2013 Overpayments. Amendment to tax return 2013    The amount of an overpayment on a joint return is allocated under the community property laws of the state in which you are domiciled. Amendment to tax return 2013 If, under the laws of your state, community property is subject to premarital or other separate debts of either spouse, the full joint overpayment may be used to offset the obligation. Amendment to tax return 2013 If, under the laws of your state, community property is not subject to premarital or other separate debts of either spouse, only the portion of the joint overpayment allocated to the spouse liable for the obligation can be used to offset that liability. Amendment to tax return 2013 The portion allocated to the other spouse can be refunded. Amendment to tax return 2013 Community Property Laws Disregarded The following discussions are situations where special rules apply to community property and community income for spouses. Amendment to tax return 2013 These rules do not apply to registered domestic partners. Amendment to tax return 2013 Certain community income not treated as community income by one spouse. Amendment to tax return 2013    Community property laws may not apply to an item of community income that you received but did not treat as community income. Amendment to tax return 2013 You are responsible for reporting all of that income item if: You treat the item as if only you are entitled to the income, and You do not notify your spouse of the nature and amount of the income by the due date for filing the return (including extensions). Amendment to tax return 2013 Relief from liability arising from community property law. Amendment to tax return 2013    You are not responsible for the tax relating to an item of community income if all the following conditions are met. Amendment to tax return 2013 You did not file a joint return for the tax year. Amendment to tax return 2013 You did not include an item of community income in gross income. Amendment to tax return 2013 The item of community income you did not include is one of the following: Wages, salaries, and other compensation your spouse (or former spouse) received for services he or she performed as an employee. Amendment to tax return 2013 Income your spouse (or former spouse) derived from a trade or business he or she operated as a sole proprietor. Amendment to tax return 2013 Your spouse's (or former spouse's) distributive share of partnership income. Amendment to tax return 2013 Income from your spouse's (or former spouse's) separate property (other than income described in (a), (b), or (c)). Amendment to tax return 2013 Use the appropriate community property law to determine what is separate property. Amendment to tax return 2013 Any other income that belongs to your spouse (or former spouse) under community property law. Amendment to tax return 2013 You establish that you did not know of, and had no reason to know of, that community income. Amendment to tax return 2013 Under all facts and circumstances, it would not be fair to include the item of community income in your gross income. Amendment to tax return 2013 Requesting relief. Amendment to tax return 2013    For information on how and when to request relief from liabilities arising from community property laws, see Community Property Laws in Publication 971, Innocent Spouse Relief. Amendment to tax return 2013 Equitable relief. Amendment to tax return 2013    If you do not qualify for the relief discussed earlier under Relief from liability arising from community property law and are now liable for an underpaid or understated tax you believe should be paid only by your spouse (or former spouse), you may request equitable relief. Amendment to tax return 2013 To request equitable relief, you must file Form 8857, Request for Innocent Spouse Relief. Amendment to tax return 2013 Also see Publication 971. Amendment to tax return 2013 Spousal agreements. Amendment to tax return 2013    In some states a married couple may enter into an agreement that affects the status of property or income as community or separate property. Amendment to tax return 2013 Check your state law to determine how it affects you. Amendment to tax return 2013 Nonresident alien spouse. Amendment to tax return 2013    If you are a U. Amendment to tax return 2013 S. Amendment to tax return 2013 citizen or resident alien and you choose to treat your nonresident alien spouse as a U. Amendment to tax return 2013 S. Amendment to tax return 2013 resident for tax purposes and you are domiciled in a community property state or country, use the community property rules. Amendment to tax return 2013 You must file a joint return for the year you make the choice. Amendment to tax return 2013 You can file separate returns in later years. Amendment to tax return 2013 For details on making this choice, see Publication 519, U. Amendment to tax return 2013 S. Amendment to tax return 2013 Tax Guide for Aliens. Amendment to tax return 2013   If you are a U. Amendment to tax return 2013 S. Amendment to tax return 2013 citizen or resident alien and do not choose to treat your nonresident alien spouse as a U. Amendment to tax return 2013 S. Amendment to tax return 2013 resident for tax purposes, treat your community income as explained next under Spouses living apart all year. Amendment to tax return 2013 However, you do not have to meet the four conditions discussed there. Amendment to tax return 2013 Spouses living apart all year. Amendment to tax return 2013    If you are married at any time during the calendar year, special rules apply for reporting certain community income. Amendment to tax return 2013 You must meet all the following conditions for these special rules to apply. Amendment to tax return 2013 You and your spouse lived apart all year. Amendment to tax return 2013 You and your spouse did not file a joint return for a tax year beginning or ending in the calendar year. Amendment to tax return 2013 You and/or your spouse had earned income for the calendar year that is community income. Amendment to tax return 2013 You and your spouse have not transferred, directly or indirectly, any of the earned income in condition (3) above between yourselves before the end of the year. Amendment to tax return 2013 Do not take into account transfers satisfying child support obligations or transfers of very small amounts or value. Amendment to tax return 2013 If all these conditions are met, you and your spouse must report your community income as discussed next. Amendment to tax return 2013 See also Certain community income not treated as community income by one spouse , earlier. Amendment to tax return 2013 Earned income. Amendment to tax return 2013    Treat earned income that is not trade or business or partnership income as the income of the spouse who performed the services to earn the income. Amendment to tax return 2013 Earned income is wages, salaries, professional fees, and other pay for personal services. Amendment to tax return 2013   Earned income does not include amounts paid by a corporation that are a distribution of earnings and profits rather than a reasonable allowance for personal services rendered. Amendment to tax return 2013 Trade or business income. Amendment to tax return 2013    Treat income and related deductions from a trade or business that is not a partnership as those of the spouse carrying on the trade or business. Amendment to tax return 2013 Partnership income or loss. Amendment to tax return 2013    Treat income or loss from a trade or business carried on by a partnership as the income or loss of the spouse who is the partner. Amendment to tax return 2013 Separate property income. Amendment to tax return 2013    Treat income from the separate property of one spouse as the income of that spouse. Amendment to tax return 2013 Social security benefits. Amendment to tax return 2013    Treat social security and equivalent railroad retirement benefits as the income of the spouse who receives the benefits. Amendment to tax return 2013 Other income. Amendment to tax return 2013    Treat all other community income, such as dividends, interest, rents, royalties, or gains, as provided under your state's community property law. Amendment to tax return 2013 Example. Amendment to tax return 2013 George and Sharon were married throughout the year but did not live together at any time during the year. Amendment to tax return 2013 Both domiciles were in a community property state. Amendment to tax return 2013 They did not file a joint return or transfer any of their earned income between themselves. Amendment to tax return 2013 During the year their incomes were as follows:   George Sharon Wages $20,000 $22,000 Consulting business 5,000   Partnership   10,000 Dividends from separate property 1,000 2,000 Interest from community property 500 500 Total $26,500 $34,500 Under the community property law of their state, all the income is considered community income. Amendment to tax return 2013 (Some states treat income from separate property as separate income—check your state law. Amendment to tax return 2013 ) Sharon did not take part in George's consulting business. Amendment to tax return 2013 Ordinarily, on their separate returns they would each report $30,500, half the total community income of $61,000 ($26,500 + $34,500). Amendment to tax return 2013 But because they meet the four conditions listed earlier under Spouses living apart all year , they must disregard community property law in reporting all their income (except the interest income) from community property. Amendment to tax return 2013 They each report on their returns only their own earnings and other income, and their share of the interest income from community property. Amendment to tax return 2013 George reports $26,500 and Sharon reports $34,500. Amendment to tax return 2013 Other separated spouses. Amendment to tax return 2013    If you and your spouse are separated but do not meet the four conditions discussed earlier under Spouses living apart all year , you must treat your income according to the laws of your state. Amendment to tax return 2013 In some states, income earned after separation but before a decree of divorce continues to be community income. Amendment to tax return 2013 In other states, it is separate income. Amendment to tax return 2013 End of the Community The marital community may end in several ways. Amendment to tax return 2013 When the marital community ends, the community assets (money and property) are divided between the spouses. Amendment to tax return 2013 Similarly, a registered domestic partnership may end in several ways and the community assets must be divided between the registered domestic partners. Amendment to tax return 2013 Death of spouse. Amendment to tax return 2013    If you own community property and your spouse dies, the total fair market value (FMV) of the community property, including the part that belongs to you, generally becomes the basis of the entire property. Amendment to tax return 2013 For this rule to apply, at least half the value of the community property interest must be includible in your spouse's gross estate, whether or not the estate must file a return (this rule does not apply to registered domestic partners). Amendment to tax return 2013 Example. Amendment to tax return 2013 Bob and Ann owned community property that had a basis of $80,000. Amendment to tax return 2013 When Bob died, his and Ann's community property had an FMV of $100,000. Amendment to tax return 2013 One-half of the FMV of their community interest was includible in Bob's estate. Amendment to tax return 2013 The basis of Ann's half of the property is $50,000 after Bob died (half of the $100,000 FMV). Amendment to tax return 2013 The basis of the other half to Bob's heirs is also $50,000. Amendment to tax return 2013   For more information about the basis of assets, see Publication 551, Basis of Assets. Amendment to tax return 2013    The above basis rule does not apply if your spouse died in 2010 and the spouse's executor elected out of the estate tax, in which case section 1022 will apply. Amendment to tax return 2013 See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for additional information. Amendment to tax return 2013 Divorce or separation. Amendment to tax return 2013    If spouses divorce or separate, the (equal or unequal) division of community property in connection with the divorce or property settlement does not result in a gain or loss. Amendment to tax return 2013 For registered domestic partners, an unequal division of community property in a property settlement may result in a gain or loss. Amendment to tax return 2013 For information on the tax consequences of the division of property under a property settlement or divorce decree, see Publication 504. Amendment to tax return 2013   Each spouse (or each registered domestic partner) is taxed on half the community income for the part of the year before the community ends. Amendment to tax return 2013 However, see Spouses living apart all year , earlier. Amendment to tax return 2013 Any income received after the community ends is separate income. Amendment to tax return 2013 This separate income is taxable only to the spouse (or the registered domestic partner) to whom it belongs. Amendment to tax return 2013   An absolute decree of divorce or annulment ends the marital community in all community property states. Amendment to tax return 2013 A decree of annulment, even though it holds that no valid marriage ever existed, usually does not nullify community property rights arising during the “marriage. Amendment to tax return 2013 ” However, you should check your state law for exceptions. Amendment to tax return 2013   A decree of legal separation or of separate maintenance may or may not end the marital community. Amendment to tax return 2013 The court issuing the decree may terminate the marital community and divide the property between the spouses. Amendment to tax return 2013   A separation agreement may divide the community property between you and your spouse. Amendment to tax return 2013 It may provide that this property, along with future earnings and property acquired, will be separate property. Amendment to tax return 2013 This agreement may end the community. Amendment to tax return 2013   In some states, the marital community ends when the spouses permanently separate, even if there is no formal agreement. Amendment to tax return 2013 Check your state law. Amendment to tax return 2013   If you are a registered domestic partner, you should check your state law to determine when the community ends. Amendment to tax return 2013 Preparing a Federal Income Tax Return The following discussion does not apply to spouses who meet the conditions under Spouses living apart all year , discussed earlier. Amendment to tax return 2013 Those spouses must report their community income as explained in that discussion. Amendment to tax return 2013 Joint Return Versus Separate Returns Ordinarily, filing a joint return will give you a greater tax advantage than filing a separate return. Amendment to tax return 2013 But in some cases, your combined income tax on separate returns may be less than it would be on a joint return. Amendment to tax return 2013 This discussion concerning joint versus separate returns does not apply to registered domestic partners. Amendment to tax return 2013 The following rules apply if your filing status is married filing separately. Amendment to tax return 2013 You should itemize deductions if your spouse itemizes deductions, because you cannot claim the standard deduction. Amendment to tax return 2013 You cannot take the credit for child and dependent care expenses in most instances. Amendment to tax return 2013 You cannot take the earned income credit. Amendment to tax return 2013 You cannot exclude any interest income from qualified U. Amendment to tax return 2013 S. Amendment to tax return 2013 savings bonds that you used for higher education expenses. Amendment to tax return 2013 You cannot take the credit for the elderly or the disabled unless you lived apart from your spouse all year. Amendment to tax return 2013 You may have to include in income more of any social security benefits (including any equivalent railroad retirement benefits) you received during the year than you would on a joint return. Amendment to tax return 2013 You cannot deduct interest paid on a qualified student loan. Amendment to tax return 2013 You cannot take the education credits. Amendment to tax return 2013 You may have a smaller child tax credit than you would on a joint return. Amendment to tax return 2013 You cannot take the exclusion or credit for adoption expenses in most instances. Amendment to tax return 2013 Figure your tax both on a joint return and on separate returns under the community property laws of your state. Amendment to tax return 2013 You can then compare the tax figured under both methods and use the one that results in less tax. Amendment to tax return 2013 Separate Return Preparation If you file separate returns, you and your spouse must each report half of your combined community income and deductions in addition to your separate income and deductions. Amendment to tax return 2013 Each of you must complete and attach Form 8958 to your Form 1040 showing how you figured the amount you are reporting on your return. Amendment to tax return 2013 On the appropriate lines of your separate Form 1040, list only your share of the income and deductions on the appropriate lines of your separate tax returns (wages, interest, dividends, etc. Amendment to tax return 2013 ). Amendment to tax return 2013 The same reporting rule applies to registered domestic partners. Amendment to tax return 2013 For a discussion of the effect of community property laws on certain items of income, deductions, credits, and other return amounts, see Identifying Income, Deductions, and Credits , earlier. Amendment to tax return 2013 Attach your Form 8958 to your separate return showing how you figured the income, deductions, and federal income tax withheld that each of you reported. Amendment to tax return 2013 Form 8958 is used for married spouses in community property states who choose to file married filing separately. Amendment to tax return 2013 Form 8958 is also used for registered domestic partners who are domiciled in Nevada, Washington, or California. Amendment to tax return 2013 A registered domestic partner in Nevada, Washington, or California must follow state community property laws and report half the combined community income of the individual and his or her registered domestic partner. Amendment to tax return 2013 Extension of time to file. Amendment to tax return 2013    An extension of time for filing your separate return does not extend the time for filing your spouse's (or your registered domestic partner's) separate return. Amendment to tax return 2013 If you and your spouse file a joint return, you cannot file separate returns after the due date for filing either separate return has passed. Amendment to tax return 2013 How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Amendment to tax return 2013 Free help with your tax return. Amendment to tax return 2013    You can get free help preparing your return nationwide from IRS-certified volunteers. Amendment to tax return 2013 The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Amendment to tax return 2013 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Amendment to tax return 2013 Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Amendment to tax return 2013 In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Amendment to tax return 2013 To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Amendment to tax return 2013 gov, download the IRS2Go app, or call 1-800-906-9887. Amendment to tax return 2013   As part of the TCE program, AARP offers the Tax-Aide counseling program. Amendment to tax return 2013 To find the nearest AARP Tax-Aide site, visit AARP's website at www. Amendment to tax return 2013 aarp. Amendment to tax return 2013 org/money/taxaide or call 1-888-227-7669. Amendment to tax return 2013 For more information on these programs, go to IRS. Amendment to tax return 2013 gov and enter “VITA” in the search box. Amendment to tax return 2013 Internet. Amendment to tax return 2013    IRS. Amendment to tax return 2013 gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Amendment to tax return 2013 Download the free IRS2Go app from the iTunes app store or from Google Play. Amendment to tax return 2013 Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Amendment to tax return 2013 Check the status of your 2013 refund with the Where's My Refund? application on IRS. Amendment to tax return 2013 gov or download the IRS2Go app and select the Refund Status option. Amendment to tax return 2013 The IRS issues more than 9 out of 10 refunds in less than 21 days. Amendment to tax return 2013 Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Amendment to tax return 2013 You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Amendment to tax return 2013 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Amendment to tax return 2013 Use the Interactive Tax Assistant (ITA) to research your tax questions. Amendment to tax return 2013 No need to wait on the phone or stand in line. Amendment to tax return 2013 The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Amendment to tax return 2013 When you reach the response screen, you can print the entire interview and the final response for your records. Amendment to tax return 2013 New subject areas are added on a regular basis. Amendment to tax return 2013  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Amendment to tax return 2013 gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Amendment to tax return 2013 You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Amendment to tax return 2013 The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Amendment to tax return 2013 When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Amendment to tax return 2013 Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Amendment to tax return 2013 You can also ask the IRS to mail a return or an account transcript to you. Amendment to tax return 2013 Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Amendment to tax return 2013 gov or by calling 1-800-908-9946. Amendment to tax return 2013 Tax return and tax account transcripts are generally available for the current year and the past three years. Amendment to tax return 2013 Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Amendment to tax return 2013 Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Amendment to tax return 2013 If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Amendment to tax return 2013 Check the status of your amended return using Where's My Amended Return? Go to IRS. Amendment to tax return 2013 gov and enter Where's My Amended Return? in the search box. Amendment to tax return 2013 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Amendment to tax return 2013 It can take up to 3 weeks from the date you mailed it to show up in our system. Amendment to tax return 2013 Make a payment using one of several safe and convenient electronic payment options available on IRS. Amendment to tax return 2013 gov. Amendment to tax return 2013 Select the Payment tab on the front page of IRS. Amendment to tax return 2013 gov for more information. Amendment to tax return 2013 Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Amendment to tax return 2013 Figure your income tax withholding with the IRS Withholding Calculator on IRS. Amendment to tax return 2013 gov. Amendment to tax return 2013 Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Amendment to tax return 2013 Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Amendment to tax return 2013 gov. Amendment to tax return 2013 Request an Electronic Filing PIN by going to IRS. Amendment to tax return 2013 gov and entering Electronic Filing PIN in the search box. Amendment to tax return 2013 Download forms, instructions and publications, including accessible versions for people with disabilities. Amendment to tax return 2013 Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Amendment to tax return 2013 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Amendment to tax return 2013 An employee can answer questions about your tax account or help you set up a payment plan. Amendment to tax return 2013 Before you visit, check the Office Locator on IRS. Amendment to tax return 2013 gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Amendment to tax return 2013 If you have a special need, such as a disability, you can request an appointment. Amendment to tax return 2013 Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Amendment to tax return 2013 Apply for an Employer Identification Number (EIN). Amendment to tax return 2013 Go to IRS. Amendment to tax return 2013 gov and enter Apply for an EIN in the search box. Amendment to tax return 2013 Read the Internal Revenue Code, regulations, or other official guidance. Amendment to tax return 2013 Read Internal Revenue Bulletins. Amendment to tax return 2013 Sign up to receive local and national tax news and more by email. Amendment to tax return 2013 Just click on “subscriptions” above the search box on IRS. Amendment to tax return 2013 gov and choose from a variety of options. Amendment to tax return 2013    Phone. Amendment to tax return 2013 You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Amendment to tax return 2013 Download the free IRS2Go app from the iTunes app store or from Google Play. Amendment to tax return 2013 Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Amendment to tax return 2013 gov, or download the IRS2Go app. Amendment to tax return 2013 Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Amendment to tax return 2013 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Amendment to tax return 2013 Most VITA and TCE sites offer free electronic filing. Amendment to tax return 2013 Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Amendment to tax return 2013 Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Amendment to tax return 2013 Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Amendment to tax return 2013 If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Amendment to tax return 2013 The IRS issues more than 9 out of 10 refunds in less than 21 days. Amendment to tax return 2013 Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Amendment to tax return 2013 Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Amendment to tax return 2013 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Amendment to tax return 2013 Note, the above information is for our automated hotline. Amendment to tax return 2013 Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Amendment to tax return 2013 Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Amendment to tax return 2013 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Amendment to tax return 2013 It can take up to 3 weeks from the date you mailed it to show up in our system. Amendment to tax return 2013 Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Amendment to tax return 2013 You should receive your order within 10 business days. Amendment to tax return 2013 Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Amendment to tax return 2013 If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Amendment to tax return 2013 Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Amendment to tax return 2013 The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Amendment to tax return 2013 These individuals can also contact the IRS through relay services such as the Federal Relay Service. Amendment to tax return 2013    Walk-in. Amendment to tax return 2013 You can find a selection of forms, publications and services — in-person. Amendment to tax return 2013 Products. Amendment to tax return 2013 You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Amendment to tax return 2013 Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Amendment to tax return 2013 Services. Amendment to tax return 2013 You can walk in to your local TAC for face-to-face tax help. Amendment to tax return 2013 An employee can answer questions about your tax account or help you set up a payment plan. Amendment to tax return 2013 Before visiting, use the Office Locator tool on IRS. Amendment to tax return 2013 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Amendment to tax return 2013    Mail. Amendment to tax return 2013 You can send your order for forms, instructions, and publications to the address below. Amendment to tax return 2013 You should receive a response within 10 business days after your request is received. Amendment to tax return 2013 Internal Revenue Service 1201 N. Amendment to tax return 2013 Mitsubishi Motorway Bloomington, IL 61705-6613   The Taxpayer Advocate Service Is Here to Help You. Amendment to tax return 2013 The Taxpayer Advocate Service (TAS) is your voice at the IRS. Amendment to tax return 2013 Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Amendment to tax return 2013   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Amendment to tax return 2013 We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Amendment to tax return 2013 You face (or your business is facing) an immediate threat of adverse action. Amendment to tax return 2013 You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Amendment to tax return 2013   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Amendment to tax return 2013 Here's why we can help: TAS is an independent organization within the IRS. Amendment to tax return 2013 Our advocates know how to work with the IRS. Amendment to tax return 2013 Our services are free and tailored to meet your needs. Amendment to tax return 2013 We have offices in every state, the District of Columbia, and Puerto Rico. Amendment to tax return 2013   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at www. Amendment to tax return 2013 irs. Amendment to tax return 2013 gov/advocate, or call us toll-free at 1-877-777-4778. Amendment to tax return 2013   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Amendment to tax return 2013 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Amendment to tax return 2013 irs. Amendment to tax return 2013 gov/sams. Amendment to tax return 2013 Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Amendment to tax return 2013 Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Amendment to tax return 2013 Visit www. Amendment to tax return 2013 irs. Amendment to tax return 2013 gov/litc or see IRS Publication 4134, Low Income Taxpayer Clinic List. Amendment to tax return 2013 Prev  Up  Next   Home   More Online Publications
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The Amendment To Tax Return 2013

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