Form 4684 - Casualty Loss - from Damage from Deteriorating Concrete Foundations

Forum|Forum|4 years ago
March 28, 2022
3 replies
23 views

I entered "Revenue Procedure 2017-60" at the top of Form 4684 as indicated for this Special procedure, Filled out the form and got over $200K in a casualty loss on Line 10 and the program deducted the $100 imitation on Line 11 with the result on Line 12 but Line 14 ended up being 0 - not allowing any loss. Should the taxpayer at least get the 10% AGI limitation?

ProSeries Basic

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J

jeffmcpa2010

Level 10

For losses incurred through 2025, the TCJA generally eliminates deductions for personal casualty losses, except for losses due to federally declared disasters, for federal income tax purposes.

P

Paul-G-328Author

Level 5

But this was specially approved by statutes 4 years ago

T

Terry53029

Intuit Community Champion

Revenue Procedure 2017-60 was issued in 2017. Tax laws change

Limitation on personal casualty and theft
losses. For tax years 2018 through 2025, if
you are an individual, casualty or theft losses of
personal-use property are deductible only if the
loss is attributable to a federally declared
disaster. Personal casualty and theft losses
attributable to a federally declared disaster are
subject to the $500 per casualty limitation.

itonewbie

Level 15

This sounds like a nonstarter, whether or not this provision was suspended by TCJA. Deterioration is hardly sudden and unexpected.

In other years, there may be reasons to look deeper but that isn't relevant now as far as casualty loss is concerned.

---------------------------------------------------------------------------------Still an AllStar

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