Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

Free Turbo Tax 2011

Irs Gov OrgFile Free Tax ReturnMilitary Income TaxFiling Income Tax Return1040x Amended ReturnOnline Turbotax 2011State Income Tax Form 500ezFree State And Federal Tax ReturnFree 2010 Tax Software DownloadRevise Tax ReturnTax Planning Us Back TaxesFile 2009 Taxes For FreeForm 1040Free Federal And State E File10ezHow To Refile Taxes For 20122011 Ez 1040 Tax FormFile State Tax OnlyH&r Tax SoftwareH&r Block Free Tax ReturnsTurbo Tax For 2011 Tax YearE-file Tax Extension FreeTax Forms 20142012 1040 Tax FormsEtax Com1040nr OnlineHow To File A Tax Extension 2011Free Federal Tax Return1040 Ez Forms For 20121040 Ez Tax Return FormHow Do I File A 1040xFreefilefillableforms ComWhere To Get State Tax Forms2012 Income Tax FormsWww Hrblock Com Lp Efile Html &otppartnerid 9012&campaignid Ps_mcm_9012_0011&omnisource Msn Camp028d E Efile Free M Desktop BmmFile Extension OnlineH&r Block Free State File2011 Tax Return FormsTurbotax Deluxe Federal Efile State 2009Tax Forms For 2012 Federal

Free Turbo Tax 2011

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

Find Forms and Information by Topic Using IRS Tax Map

Use the links below to test our new topic lookup tool and provide comments to us. Your comments will help to expand and improve the quality of this service.

Note: You will need to click a button that says "Leave IRS Site" - please continue!  IRS Tax Map contains official IRS information, it's just delivered from a different government web site.

Try IRS Tax Map now.

Send us your comments

Page Last Reviewed or Updated: 24-Mar-2014

The Free Turbo Tax 2011

Free turbo tax 2011 Index A Abandonments, Abandonments Annuities, Insurance Policies and Annuities Asset classification Capital, Capital Assets Noncapital, Noncapital Assets Assistance (see Tax help) Assumption of liabilities, Assumption of liabilities. Free turbo tax 2011 , Liabilities. Free turbo tax 2011 B Basis Adjusted, Adjusted basis. Free turbo tax 2011 Original, Basis. Free turbo tax 2011 Bonds, U. Free turbo tax 2011 S. Free turbo tax 2011 Treasury, U. Free turbo tax 2011 S. Free turbo tax 2011 Treasury Notes or Bonds Business, sold, Sale of a Business C Canceled Debt, Cancellation of debt. Free turbo tax 2011 Lease, Cancellation of a lease. Free turbo tax 2011 Real property sale, Canceling a sale of real property. Free turbo tax 2011 Capital assets defined, Capital Assets Capital gains and losses Figuring, Long and Short Term Holding period, Holding period. Free turbo tax 2011 Long term, Long and Short Term Short term, Long and Short Term Treatment of capital losses, Treatment of Capital Losses Casualties, Section 1231 transactions. Free turbo tax 2011 Charitable organization Bargain sale to, Bargain sales to charity. Free turbo tax 2011 , Bargain sale to charity. Free turbo tax 2011 Gift to, Gift to charitable organization. Free turbo tax 2011 Classes of assets, Classes of assets. Free turbo tax 2011 Coal, Coal and Iron Ore Coins, Precious Metals and Stones, Stamps, and Coins Comments, Comments and suggestions. Free turbo tax 2011 Commodities derivative financial instruments, Commodities derivative financial instrument. Free turbo tax 2011 Condemnations, Condemnations, Section 1231 transactions. Free turbo tax 2011 Conversion transactions, Conversion Transactions Copyrights, Copyright. Free turbo tax 2011 , Copyrights. Free turbo tax 2011 Covenant not to compete, Covenant not to compete. Free turbo tax 2011 D Debt cancellation, Cancellation of debt. Free turbo tax 2011 , Cancellation of debt. Free turbo tax 2011 Deferred exchange, Deferred Exchange Depreciable property Real, Depreciable real property. Free turbo tax 2011 Records, Depreciation Recapture Section 1245, Section 1245 property defined. Free turbo tax 2011 , Like-Kind Exchanges and Involuntary Conversions Section 1250, Section 1250 property defined. Free turbo tax 2011 Depreciation recapture Personal property, Section 1245 Property Real property, Section 1250 property defined. Free turbo tax 2011 E Easement, Easement. Free turbo tax 2011 Exchanges Deferred, Deferred Exchange Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges, Like-Kind Exchanges and Involuntary Conversions Nontaxable, Nontaxable Exchanges Related persons, Related persons. Free turbo tax 2011 U. Free turbo tax 2011 S. Free turbo tax 2011 Treasury notes or bonds, U. Free turbo tax 2011 S. Free turbo tax 2011 Treasury Notes or Bonds F Fair market value, Fair market value. Free turbo tax 2011 Foreclosure, Foreclosures and Repossessions Form 1040 (Sch. Free turbo tax 2011 D), Schedule D and Form 8949 1099-A, Forms 1099-A and 1099-C. Free turbo tax 2011 , Forms 1099-A and 1099-C. Free turbo tax 2011 1099-B, Form 1099-B. Free turbo tax 2011 1099-C, Forms 1099-A and 1099-C. Free turbo tax 2011 , Forms 1099-A and 1099-C. Free turbo tax 2011 1099-S, Form 1099-S. Free turbo tax 2011 4797, Business property. Free turbo tax 2011 , Reporting the exchange. Free turbo tax 2011 , Form 4797 8594, Reporting requirement. Free turbo tax 2011 8824, Reporting the exchange. Free turbo tax 2011 8949, Forms to file. Free turbo tax 2011 , Personal-use property. Free turbo tax 2011 , Reporting the exchange. Free turbo tax 2011 , More information. Free turbo tax 2011 , Timber, Introduction, Form 1099-B. Free turbo tax 2011 , Personal-use property. Free turbo tax 2011 , Mark-to-market election. Free turbo tax 2011 Franchise, Franchise, Trademark, or Trade Name Free tax services, Free help with your tax return. Free turbo tax 2011 G Gains and losses Bargain sale, Bargain Sale Business property, Ordinary or Capital Gain or Loss for Business Property Defined, Gain or Loss From Sales and Exchanges Form 4797, Form 4797 Ordinary or capital, Ordinary or Capital Gain or Loss Property changed to business or rental use, Property Changed to Business or Rental Use Property used partly for rental, Property Used Partly for Business or Rental Reporting, Reporting Gains and Losses Gifts of property, Gifts, Gift. Free turbo tax 2011 Gold, Precious Metals and Stones, Stamps, and Coins H Hedging transactions, Hedging transaction. Free turbo tax 2011 Help (see Tax help) Holding period, Holding period. Free turbo tax 2011 Housing, low income, Low-income housing. Free turbo tax 2011 , Low-Income Housing With Two or More Elements I Indirect ownership of stock, Ownership of stock or partnership interests. Free turbo tax 2011 Information returns, Information Returns Inherited property, Inherited property. Free turbo tax 2011 Installment sales, Installment Sales, Installment sale. Free turbo tax 2011 Insurance policies, Insurance Policies and Annuities Intangible property, Dispositions of Intangible Property Involuntary conversion Defined, Involuntary Conversions Depreciable property, Like-Kind Exchanges and Involuntary Conversions Iron ore, Coal and Iron Ore L Land Release of restriction, Release of restriction on land. Free turbo tax 2011 Subdivision, Subdivision of Land Lease, cancellation of, Cancellation of a lease. Free turbo tax 2011 Liabilities, assumption, Liabilities. Free turbo tax 2011 Like-kind exchanges Deferred, Deferred Exchange Liabilities, assumed, Assumption of liabilities. Free turbo tax 2011 Like-class property, Like-Kind Property Like-kind property, Like-Kind Property Multiple parties, Multiple-party transactions. Free turbo tax 2011 Multiple property, Multiple Property Exchanges Partnership interests, Partnership Interests Qualifying property, Qualifying Property Related persons, Like-Kind Exchanges Between Related Persons Low-income housing, Low-income housing. Free turbo tax 2011 M Multiple property exchanges, Multiple Property Exchanges N Noncapital assets defined, Noncapital Assets Nontaxable exchanges Like-kind, Like-Kind Exchanges Other nontaxable exchanges, Other Nontaxable Exchanges Partially, Partially Nontaxable Exchanges Property exchanged for stock, Property Exchanged for Stock Notes, U. Free turbo tax 2011 S. Free turbo tax 2011 Treasury, U. Free turbo tax 2011 S. Free turbo tax 2011 Treasury Notes or Bonds O Ordinary or capital gain, Ordinary or Capital Gain or Loss P Partially nontaxable exchanges, Partially Nontaxable Exchanges Partnership Controlled, Controlled partnership transaction. Free turbo tax 2011 Related persons, Related persons. Free turbo tax 2011 , Controlled entity. Free turbo tax 2011 Sale or exchange of interest, Partnership Interests, Partnership interests. Free turbo tax 2011 , Partnership interests. Free turbo tax 2011 Patents, Patents Personal property Depreciable, Like-Kind Exchanges and Involuntary Conversions Gains and losses, Personal-use property. Free turbo tax 2011 Transfer at death, Transfers at Death Precious metals and stones, Precious Metals and Stones, Stamps, and Coins Property used partly for business or rental, Property Used Partly for Business or Rental, Part business or rental. Free turbo tax 2011 Publications (see Tax help) Publicly traded securities, rollover of gain from, Rollover of Gain From Publicly Traded Securities R Real property Depreciable, Depreciable real property. Free turbo tax 2011 Transfer at death, Transfers at Death Related persons, Sales and Exchanges Between Related Persons Condemned property replacement, bought from, Buying replacement property from a related person. Free turbo tax 2011 Gain on sale of property, Sales and Exchanges Between Related Persons Like-kind exchanges between, Like-Kind Exchanges Between Related Persons List, Related persons. Free turbo tax 2011 Loss on sale of property, Nondeductible Loss Patent transferred to, Related persons. Free turbo tax 2011 Replacement property, Replacement property. Free turbo tax 2011 , Replacement property to be produced. Free turbo tax 2011 Repossession, Foreclosures and Repossessions, Repossession. Free turbo tax 2011 Residual method, sale of business, Residual method. Free turbo tax 2011 Rollover of gain, Rollover of Gain From Publicly Traded Securities S Sale of a business, Sale of a Business Sales Bargain, charitable organization, Bargain sales to charity. Free turbo tax 2011 , Bargain sale to charity. Free turbo tax 2011 Installment, Installment Sales, Installment sale. Free turbo tax 2011 Property changed to business or rental use, Property Changed to Business or Rental Use Related persons, Sales and Exchanges Between Related Persons, Related persons. Free turbo tax 2011 Section 1231 gains and losses, Section 1231 Gains and Losses Section 1245 property Defined, Section 1245 Property Gain, ordinary income, Gain Treated as Ordinary Income Multiple asset accounts, Multiple asset accounts. Free turbo tax 2011 Section 1250 property Additional depreciation, Additional Depreciation Defined, Section 1250 property defined. Free turbo tax 2011 Foreclosure, Foreclosure. Free turbo tax 2011 Gain, ordinary income, Gain Treated as Ordinary Income Nonresidential, Nonresidential real property. Free turbo tax 2011 Residential, Residential rental property. Free turbo tax 2011 Section 197 intangibles, Section 197 Intangibles Severance damages, Severance damages. Free turbo tax 2011 Silver, Precious Metals and Stones, Stamps, and Coins Small business stock, Gains on Sales of Qualified Small Business Stock Specialized small business investment company (SSBIC), rollover of gain into, Rollover of Gain From Publicly Traded Securities Stamps, Precious Metals and Stones, Stamps, and Coins Stock Capital asset, Capital Assets Controlling interest, corporation, Controlling interest in a corporation. Free turbo tax 2011 Indirect ownership, Ownership of stock or partnership interests. Free turbo tax 2011 Property exchanged for, Property Exchanged for Stock Publicly traded securities, Rollover of Gain From Publicly Traded Securities Small business, Gains on Sales of Qualified Small Business Stock Suggestions, Comments and suggestions. Free turbo tax 2011 T Tax help, How To Get Tax Help Tax rates, capital gain, Capital Gains Tax Rates Thefts, Section 1231 transactions. Free turbo tax 2011 Timber, Timber, Section 1231 transactions. Free turbo tax 2011 Trade name, Franchise, Trademark, or Trade Name Trademark, Franchise, Trademark, or Trade Name Transfers to spouse, Transfers to Spouse U U. Free turbo tax 2011 S. Free turbo tax 2011 Treasury bonds, U. Free turbo tax 2011 S. Free turbo tax 2011 Treasury Notes or Bonds Unharvested crops, Section 1231 transactions. Free turbo tax 2011 Prev  Up     Home   More Online Publications