Casualty Losses
2 CPE for AFSP, EA, CFP®, CPA, CRTP
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Given the number of natural disasters occurring yearly, you must understand how to navigate the complex tax issues surrounding casualty losses. This session reviews the rules for claiming personal casualty loss deductions and how to complete Form 4684, Casualties and Thefts. It also highlights the special rules and return procedures for qualified disaster losses, which were extended in the Federal Disaster Tax Relief Act of 2023.
Objectives
Upon completion of this session, you will be able to:
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Determine which taxpayers are eligible to claim a casualty loss without itemizing deductions
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Choose which year to claim a casualty loss deduction
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Explain how to handle insurance reimbursements and other relief payments
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Calculate the casualty loss deduction after applying certain deduction limits
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Summarize the reporting requirements and deadlines for claiming a casualty loss deduction
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CPE information
Duration: 100 minutes
Course level: Basic
Prerequisite: None
Advanced preparation: None
Delivery method: Group Live
