Form 4684
Form 4684
Casualties and Thefts
Every line is explained below in plain English — click any line to see what it means, who needs to fill it in, and what people commonly overlook.
Personal Use Property
- 1 Description of Property A description of the personal-use property that was damaged, destroyed, or stolen.
- 2 Cost or Adjusted Basis The cost or adjusted basis of the property that was damaged, destroyed, or stolen. For most personal-use property, this is what you originally paid for it.
- 3 Insurance or Other Reimbursement The total amount of insurance proceeds, FEMA grants, or other reimbursements you received (or expect to receive) for the damaged, destroyed, or stolen...
- 7 Decrease in Fair Market Value The difference between the fair market value of the property immediately before the casualty and immediately after.
- 8 Smaller of Cost or FMV Decrease The smaller of your cost or adjusted basis (line 2) or the decrease in fair market value (line 7). This is the starting point for your loss calculation.
- 9 Loss After Reimbursement The smaller of cost or FMV decrease (line 8) minus insurance and other reimbursements (line 3).
- 10 Casualty Loss Per Event The loss after reimbursement (line 9) minus $100. The IRS requires you to reduce each personal casualty or theft loss by $100 per event.
Totals
- 14 Total Personal Casualty Gains The total of all gains from personal-use property casualties or thefts during the year.
- 15 Total Personal Casualty Losses The total of all personal casualty and theft losses after the $100 per-event reduction.
- 18 Net Casualty Loss Deduction Your deductible personal casualty loss after all reductions: the $100 per-event floor, netting against casualty gains, and subtracting 10% of your adjusted...