2023 Form 4684 - Casualties And Thefts
The purpose of this form is to help taxpayers determine the amount of their deductible loss for tax purposes. The losses reported on Form 4684 may arise from various unfortunate events, such as natural disasters, accidents, fires, or thefts.
The form consists of several parts:
- General Information: Provide your name, address, and taxpayer identification number.
- Casualties and Thefts: Report the details of each casualty or theft event, including the date, type of loss, and the property's adjusted basis. Calculate the loss and enter the total loss for the year.
- Insurance Proceeds: Report any insurance or other reimbursements you received for the losses.
- Net Casualty and Theft Gains or (Losses): Calculate your net gain or loss for the year by subtracting the total insurance proceeds from the total losses.
- Income or Deduction: If you have a net gain, include it as income on your tax return. If you have a net loss, you may be able to deduct it from your taxable income, subject to certain limitations.
For the current year's Form 4684, click here.