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Publication 547 2003 Tax Year

Publication 547
Introductory Material

This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Table of Contents

Important Reminder

Photographs of missing children. The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1–800–THE–LOST (1–800–843–5678) if you recognize a child.

Introduction

This publication explains the tax treatment of casualties, thefts, and losses on deposits. A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event. A theft occurs when someone steals your property. A loss on deposits occurs when your financial institution becomes insolvent or bankrupt.

This publication discusses the following topics.

  • Definitions of a casualty, theft, and loss on deposits.
  • How to figure the amount of your gain or loss.
  • How to treat insurance and other reimbursements you receive.
  • The deduction limits.
  • When and how to report a casualty or theft.
  • The special rules for disaster area losses.

Forms to file.

When you have a casualty or theft, you have to file Form 4684. You will also have to file one or more of the following forms.

  • Schedule A (Form 1040).
  • Schedule D (Form 1040).
  • Form 4797.

For details on which form to use, see How To Report Gains and Losses, later.

Condemnations.

For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544.

Workbooks for casualties and thefts.

Publication 584 is available to help you make a list of your stolen or damaged personal-use property and figure your loss. It includes schedules to help you figure the loss on your home and its contents, and your motor vehicles.

Publication 584B is available to help you make a list of your stolen or damaged business or income-producing property and figure your loss.

Comments and suggestions.

We welcome your comments about this publication and your suggestions for future editions.

You can e-mail us at *taxforms@irs.gov. Please put “Publications Comment” on the subject line.

You can write to us at the following address:


Internal Revenue Service
Individual Forms and Publications Branch
SE:W:CAR:MP:T:I
1111 Constitution Ave. NW
Washington, DC 20224

We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence.

Useful Items - You may want to see:

Publication

  • 523 Selling Your Home
  • 525 Taxable and Nontaxable Income
  • 550 Investment Income and Expenses
  • 551 Basis of Assets
  • 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property)
  • 584B Business Casualty, Disaster, and
    Theft Loss Workbook

Form (and Instructions)

  • Schedule A (Form 1040) Itemized Deductions
  • Schedule D (Form 1040) Capital Gains and Losses
  • 4684 Casualties and Thefts
  • 4797 Sales of Business Property

See How To Get Tax Help near the end of this publication for information about getting publications and forms.

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