Casualty, Disaster, and Theft Losses , ALABAMA'S #1 TAX SERVICE

Generally, you may deduct casualty and theft losses relating to your home, household items and vehicles on your federal income tax return. You may not deduct casualty and theft losses covered by insurance unless you file a timely claim for reimbursement, and you reduce the loss by the amount of any reimbursement or expected reimbursement.
A casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption. A casualty does not include normal wear and tear or progressive deterioration.
A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking must be illegal under the law of the state where it occurred and it must have been done with criminal intent.
If your property is personal-use property or is not completely destroyed, the amount of your casualty loss is the lesser of:

• The adjusted basis of your property, or
• The decrease in fair market value of your property as a result of the casualty

The amount of your theft loss is generally the adjusted basis of your property because the fair market value of your property immediately after the theft is considered to be zero.

MOORE'S SERVICE, LLC

2160 Green Springs Hwy, S. Suite E. 

Brimingham, AL 35205

&

708 8^TH Ave. N. (Rev. Abraham Woods Blvd.) 

Phone: (205) 324-8753

Email: mooresservices1@gmail.com

Website: www.mooresservicesonline.com

Blog: www.mooresservices.blogspot.com

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