Transcription of and Thefts Disasters,
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and Thefts Disasters,
ContentsWhat s on of a a To Report Gains and Area To Report Gains and To Get Tax s NewLimitation on personal casualty and theft losses. Personal casualty and theft losses of an individual, sustained in a tax year beginning after 2017, are deductible only to the extent they re attributable to a federally declared dis-aster. The loss deduction is subject to the $100 limit per casualty and 10% of your adjusted gross income (AGI) exception to the rule above, limiting the personal casualty and theft loss deduction to losses attributable to a federally declared disas-ter, applies if you have personal casualty gains for the tax year. In this case, you will reduce your personal casualty gains by any casualty losses not attributable to a federally declared disaster .
Certainty and Disaster Tax Relief Act of 2019, and the disasters described in the Taxpayer Certainty and Disaster Tax Relief Act of 2020, may be claimed as a qualified disaster loss on your Form 4684 for the year in which the loss was sustained. You can deduct qualified disas-ter losses without itemizing other deductions on Schedule A (Form 1040).
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