Description:

This book is for preparing 2023 taxes. Taxpayers who suffer a loss as the result of casualty, theft or disaster are usually focusing on recovering from their loss and not on the tax implications of their situation. However, there are tax laws in place to help them with their recovery, including some that can provide a much-needed cash infusion. Understanding the tax benefits available to those who suffer a loss from a casualty, theft, or disaster sets you up to be a huge asset when a client who suffered a loss needs you most. This course helps tax professionals identify and report casualty, theft and disaster losses. Additionally, you will learn the proper tax treatment of insurance reimbursements, disaster assistance and disaster payments. It will also address record reconstruction and how to calculate the value of lost items.

Topics include:

• Identifying casualty, theft, and disaster losses
• Determining how to handle insurance reimbursements and disaster payments
• Describing how to reconstruct a taxpayer’s records
• Calculating and report the loss on Form 4684, Casualties and Thefts
• Calculating the basis of replacement property

Product Details:

Item Number: 23353

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 73 Pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course when available.