- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 1.0
Casualty Losses and Disaster Relief
With hurricanes hitting the Gulf Coast states and causing widespread flooding and billions of dollars in property damage, wildfires burning up the Pacific North West, and tornados in between, now is an appropriate time to revisit the federal income tax rules for disaster-related personal casualty losses. This course covers tax reporting for personal casualty losses, business casualty losses, and involuntary conversions.
Upon successful completion of Casualty Losses and Disaster Relief, the user should be able to:
determine the deductible casualty loss deduction, including the effect of insurance proceeds and disaster relief payments, and when to report the loss on the federal income tax return;
determine the allowable business casualty loss deduction and special NOL carryback periods applicable to businesses in federally declared disaster areas; and
identify involuntary conversion gains and how they may be avoided with the IRC Sec. 1033 gain deferral election.