____ Your casualty loss was reported as the lessor of: (a) the decrease in the fair market value of the property as a result of the casualty or (b) the adjusted basis of the property.
____ Your casualty was the complete or partial destruction or loss of property resulting from an event that was: (a) identifiable,(b) damaging to property and (c) sudden, unexpected or unusual in nature.
____ Your casualty loss was deducted only in the taxable year in which the casualty occurred.
____ If the trees, shrubs, etc. on your property were damaged or destroyed by disease instead of by a casualty, you did not deduct their value as a casualty loss.
____ The cost of repairing termite or moth damage was not deducted as a casualty loss. Normal progressive deterioration was not deducted as a casualty loss.
____ Expenses indirectly connected with a casualty, such as the cost of care for personal injuries, fuel, moving or rental of temporary quarters were not deducted as casualty losses.
____ Insurance proceeds or any other recovery received or expected to be received, reduced your casualty or theft loss deduction.
____ You did not deduct the casualty or theft loss of damaged, destroyed or stolen property you did not own.
____ Your theft loss was deducted in the tax year in which the theft loss was discovered.
____ You can establish the amount of the decrease in either the fair market value of your property or your adjusted basis in the property as a result of the casualty.
____ You can furnish evidence that the item was stolen rather than lost.
____ Insurance proceeds or any other recovery you received reduced your casualty or theft loss deduction. If you chose not to file a claim for reimbursement with your insurance company, your loss was not deducted to the extent that reimbursement could have been received.
____ You deducted only the amount of casualty or theft loss that was more than $100 for each loss and was also more than 10 percent of your adjusted gross income for all losses during the year.
____ For a loss covered by insurance, you have evidence proving that you did file a claim for that loss with your insurance company.
____ You can establish that a casualty or theft occurred and that the deducted loss was sustained.
____ The deduction for a theft or casualty loss was the lessor of cost or fair market value at the time of the loss.
____ Your deduction was not for a casualty loss based on a decrease in value due to buyer resistance.
© 1986, 1998 to 2002, Jack Warren Wade, Jr.
