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URL:https://www.learndesk.us/class/5628576760070144/lesson/78af9c7773c0cd7235f718ad6cb72b45?ref=outlook-calendar
SUMMARY:Other Deductions
DTSTART;TZID=America/Los_Angeles:20260513T190000
DTEND;TZID=America/Los_Angeles:20260513T200000
LOCATION:https://www.learndesk.us/class/5628576760070144/lesson/78af9c7773c0cd7235f718ad6cb72b45?ref=outlook-calendar
DESCRIPTION: 
Other Deductions
Casualty and Theft Losses
Form 4684 is used for casualty and theft losses. Casualty losses are identifiable events that are sudden, unexpected, and unusual. The government has continued to tighten the rules surrounding casualty losses. These losses are currently only deductible if they result from a federally declared disaster. Losses deductible are limited to the amount of more than $100 for each event and the total amount of losses during the year amounting to more than 10% of AGI on form 1040.
When calculating a casualty loss, a tax preparer must start with the lower of the adjusted basis of the property or the reduction in Fair Market Value (FMV) of the property immediately following the casualty. After deducting the $100.00 and 10% of the taxpayer's AGI, any insurance reimbursement needs to be deducted as well. If insurance reimbursement is more than the calculated casualty loss, the taxpayer may need to report again.
Other Deductions
Other deductions could...

https://www.learndesk.us/class/5628576760070144/lesson/78af9c7773c0cd7235f718ad6cb72b45?ref=outlook-calendar
STATUS:CONFIRMED
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