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Form 4684, Casualties and Thefts

Form 4684, Casualties and Thefts

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Instructions and help about irs form 4684 pdf

hello and welcome to the session in which we'll discuss casualty and theft losses now bear in mind any losses incurred on personal use property what's personal use property well you might own a vehicle and you would use this vehicle to go to work every day to commute to your job to take your kids on vacation to go shopping for grocery to use it for your own enjoyment that's a personal use property any losses incurred on personal use property is not deductible however if you incurred a loss from that personal use property that's caused by fire storm a car accident or by theft that is deductible and that's deductible from AGI from adjusted gross income sub subject to a threshold and floor now bear in mind between 2018 and 2025 that type of losses personal casualty or theft losses are deductible only if related to a federally declared disaster area so if you lost the car and a federally declared disaster area then it is deductible if not it's not deductible those losses are not deductible

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