Beruflich Dokumente
Kultur Dokumente
● The property you are replacing was loss and a loss from deposits in insolvent
General Instructions damaged or destroyed in a disaster, and or bankrupt financial institutions may be
● The area in which the property was treated differently. See Disaster Losses
Purpose of Form damaged or destroyed was declared by below and Special Treatment for
the President of the United States to Losses on Deposits in Insolvent or
Use Form 4684 to report gains and losses Bankrupt Financial Institutions on
from casualties and thefts. Attach Form warrant Federal assistance because of
that disaster. page 2.
4684 to your tax return.
Generally, you must recognize the gain If you are not sure whether part of your
if you receive unlike property or money casualty or theft loss will be reimbursed,
Losses You May Deduct as reimbursement. But you generally can do not deduct that part until the tax year
You may deduct losses from fire, storm, choose to postpone all or part of the gain when you are reasonably certain that it
shipwreck, or other casualty, or theft (e.g., if, within 2 years of the end of the first tax will not be reimbursed.
larceny, embezzlement, and robbery). year in which any part of the gain is If you are reimbursed for a loss you
If your property is covered by realized, you purchase: deducted in an earlier year, include the
insurance, you must file a timely 1. Property similar or related in service reimbursement in your income in the year
insurance claim for reimbursement of your or use to the damaged, destroyed, or you received it, but only to the extent the
loss. Otherwise, you cannot deduct the stolen property, or deduction reduced your tax in an earlier
loss as a casualty or theft loss. However, 2. A controlling interest (at least 80%) year.
the part of the loss that is not covered by in a corporation owning such property. See Pub. 547 for special rules on when
insurance is still deductible. To postpone all of the gain, the cost of to deduct losses from casualties and
Related expenses. The related the replacement property must be equal thefts to leased property.
expenses you have due to a casualty or to or more than the reimbursement you
theft, such as expenses for the treatment received for your property. If the cost of Disaster Losses
of personal injuries or for the rental of a the replacement property is less than the
car, are not deductible as casualty or theft A disaster loss is a loss that occurred in
reimbursement received, you must an area determined by the President of
losses. recognize the gain to the extent the the United States to warrant Federal
Costs for protection against future reimbursement exceeds the cost of the disaster assistance.
casualties are not deductible but should replacement property.
be capitalized as permanent You may elect to deduct a disaster loss
If the replacement property or stock is in the prior tax year as long as the loss
improvements. An example would be the acquired from a related person, gain
cost of a levee to stop flooding. would otherwise be allowed as a
generally cannot postponed by: deduction in the year it occurred.
● Corporations (other than S
Losses You May Not Deduct This election must be made by filing
corporations). your return or amended return for the prior
● Partnerships more than 50% owned by year, and claiming your disaster loss on
● Money or property misplaced or lost.
● Breakage of china, glassware, furniture, one or more corporations (other than S it, by the later of the following two dates:
and similar items under normal corporations). 1. The due date for filing your original
● All other taxpayers, unless the return (without extensions) for the tax year
conditions.
● Progressive damage to property
aggregate realized gains on the in which the disaster actually occurred.
(buildings, clothes, trees, etc.) caused by involuntarily converted property are 2. The due date for filing your original
termites, moths, other insects, or disease. $100,000 or less for the tax year. (This return (including extensions) for the tax
rule applies to partnerships and S year immediately before the tax year in
corporations at both the entity and partner which the disaster actually occurred.
Gain on Reimbursement or shareholder level.)
You may revoke your election within 90
If the amount you receive in insurance or For more details, see section 1033(i).
days after making it by returning to the
other reimbursement is more than the For details on how to postpone the IRS any refund or credit you received
cost or other basis of the property, you gain, see Pub. 547, Casualties, Disasters, from the election. If you revoke your
have a gain. If you have a gain, you may and Thefts (Business and Nonbusiness). election before receiving a refund, you
have to pay tax on it, or you may be able If your main home was located in a must repay the refund within 30 days after
to postpone the gain. Presidentially declared disaster area, and receiving it.
Do not report the gain on damaged, that home or any of its contents were On the return on which you claim the
destroyed, or stolen property if you damaged or destroyed due to the disaster loss, specify the date(s) of the
receive property that is similar or related disaster, special rules apply. See Gains disaster and the city, town, county, and
to it in service or use. Your basis for the Realized on Homes in Disaster Areas state in which the damaged or destroyed
new property is the same as your basis on page 2. property was located.
for the old property.
Note: To determine the amount to deduct
Any tangible replacement property held When To Deduct a Loss for a disaster loss, you must take into
for use in a trade or business is treated account as reimbursements any benefits
as similar or related in service or use to Deduct the part of your casualty or theft
loss that is not reimbursable. Deduct it in you received from Federal or state
property held for use in a trade or programs to restore your property.
business or for investment if: the tax year the casualty occurred or the
theft was discovered. However, a disaster
Page 3
Line 21 Part II, Column (b)(i) Line 38a
See the instructions for line 3. Enter the part of line 28 from trade, Taxpayers, other than partnerships and
business, rental, or royalty property (other S corporations, if Form 4797 is not
Line 22 than property you used in performing otherwise required, enter the amount from
See the instructions for line 4. services as an employee). Enter in this line on page 1 of your tax return, on
column (b)(ii) the part of line 28 from the line identified as from Form 4797.
Lines 23 and 24 property you used in performing services Write “Form 4684.”
See the instructions for lines 5 and 6 for as an employee.
details on determining fair market value.
Part II, Column (b)(ii) Paperwork Reduction Act Notice. We
Loss on each item figured separately.
Unlike a casualty loss to personal use real Enter the part of line 28 from ask for the information on this form to
estate, in which all improvements are income-producing property and from carry out the Internal Revenue laws of the
considered one item, a casualty loss to property you used in performing services United States. You are required to give
business or income-producing property as an employee. Income-producing us the information. We need it to ensure
must be figured separately for each item. property is property held for investment, that you are complying with these laws
For example, if casualty damage occurs such as stocks, notes, bonds, gold, silver, and to allow us to figure and collect the
to both a building and to trees on the vacant lots, and works of art. right amount of tax.
same piece of real estate, measure the Line 31 You are not required to provide the
loss separately for the building and for the information requested on a form that is
trees. If Form 4797, Sales of Business Property, subject to the Paperwork Reduction Act
is not otherwise required, enter the unless the form displays a valid OMB
Line 26 amount from this line on page 1 of your control number. Books or records relating
If you have business or income-producing tax return, on the line identified as from to a form or its instructions must be
property that is completely lost (becomes Form 4797. Write “Form 4684.” retained as long as their contents may
totally worthless) because of a casualty become material in the administration of
Line 32
or theft, figure your loss without taking into any Internal Revenue law. Generally, tax
account any decrease in fair market Estates and trusts, enter on the “Other returns and return information are
value. deductions” line of your tax return. confidential, as required by section 6103.
Partnerships, (except electing large The time needed to complete and file
Line 28 partnerships) enter on Form 1065, this form will vary depending on individual
If the amount on line 28 includes losses Schedule K, line 11. Electing large circumstances. The estimated average
on property held 1 year or less, and on partnerships, enter on Form 1065–B, Part time is:
property held for more than 1 year, you II, line 11. S corporations, enter on Form
must allocate the amount between lines 1120S, Schedule K, line 10. Write “Form Recordkeeping ................ 1 hr., 12 min.
29 and 34 according to how long you held 4684.” Learning about the law
each property. Enter on line 29 all gains Line 33 or the form ...................... 13 min.
and losses to property held 1 year or less.
Enter on line 34 all gains and losses to If you had a casualty or theft gain from Preparing the form ......... 1 hr., 2 min.
property held more than 1 year, except certain trade, business, or Copying, assembling,
as provided in the instructions for line 33 income-producing property held more and sending the form to
below. than 1 year, you may have to recapture the IRS ............................. 35 min.
part or all of the gain as ordinary income.
Part II, Column (a) See the instructions for Form 4797, Part If you have comments concerning the
Use a separate line for each casualty or III, for more information on the types of accuracy of these time estimates or
theft. property subject to recapture. If recapture suggestions for making this form simpler,
applies, complete Form 4797, Part III, and we would be happy to hear from you. See
this line, instead of Form 4684, line 34. the instructions for the tax return with
which this form is filed.
Page 4