This publication explains the tax treatment of casualties, thefts, and losses on deposits. A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event. A theft occurs when someone steals your property. A loss on deposits occurs when your financial institution becomes insolvent or bankrupt.
This publication discusses the following topics.
•Definitions of a casualty, theft, and loss on deposits.
•How to figure the amount of your gain or loss.
•How to treat insurance and other reimbursements you receive.
•The deduction limits.
•When and how to report a casualty or theft.
•The special rules for disaster area losses.
(2015), Casualties, Disasters, and Thefts
For use in preparing 2015 Returns
This publication discusses the following topics.
•Definitions of a casualty, theft, and loss on deposits.
•How to figure the amount of your gain or loss.
•How to treat insurance and other reimbursements you receive.
•The deduction limits.
•When and how to report a casualty or theft.
•The special rules for disaster area losses.
(2015), Casualties, Disasters, and Thefts
For use in preparing 2015 Returns
