Tax Topic 7 - Casualties and Theft Losses

Here you will become aware of the special rules for the disaster area losses such as when your property is damaged due to storm, fire, car accident and events of that sort. In addition, you will explore what to do when someone steals your property or when you have a loss of deposit as in the event that your bank becomes insolvent or files bankruptcy. In this topic you will learn what is a casualty and theft loss and how to figure the amount of your loss. You will learn what to do when you receive insurance reimbursements for your loss and when and how to report a casualty or theft loss.

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Revised: 01/18/16