Irs publication 547 2025

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Publication 547 provides guidance on the tax treatment of casualties, disasters, and thefts for individuals preparing their 2020 tax returns. It outlines definitions of casualty and theft losses, explains how to calculate these losses, and details the deduction limits applicable to personal-use property. The publication emphasizes that personal casualty and theft losses are only deductible if they are attributable to federally declared disasters. It also discusses special rules for qualified disaster losses, reporting requirements, and how to claim deductions or report gains from such losses. Additionally, it includes information on obtaining tax help and resources available through the IRS.

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What qualifies as a casualty loss deduction?

A federal casualty loss is an individuals casualty or theft loss of personal-use property that is attributable to a federally declared disaster. The casualty loss must occur in a state receiving a federal disaster declaration.

What is the IRS Code 547?

Section 547(a) of the Code provides, generally, that if a determination (as defined in subsection (c)) with respect to a taxpayer establishes liability for personal holding company tax imposed by section 541 (or by a corresponding provision of a prior income tax law) for any taxable year, a deduction shall be allowed

Can I claim a totaled car on my taxes?

Regardless of whether you use your car for business or personal use, you may be able to claim loss deductions if your vehicle was stolen or deemed a total loss. (A car is considered a total loss if it is damaged to the point of being permanently un-drivable.)

Can I deduct hurricane damage on my taxes?

Personal casualty losses can be deducted to the extent the losses are attributable to federally declared disasters, such as hurricanes, earthquakes, wildfires, blizzards or flooding, that affect a wide area. Individuals can deduct personal losses on their Form 1040 to the extent not reimbursed by insurance.

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