Video instructions and help with filling out and completing When Form 4797 Worksheet

Instructions and Help about When Form 4797 Worksheet

It's kbk double used coffee talk on FM 94 7 and a.m. 1450 and L let's go to Everett Hughes for the insider report good morning Everett and today we are still inside the Schedule A and we're gonna look at another one of the three or four farms that close to the schedule a and you know you've heard if you have a casualty stepped or lost it might be deductible on your tax returns aha have you heard that on just now just now yes but I hear about it a lot my during tax season because everybody's heard about it and they want to know if they can do it well this form it's a form 46 84 and it flows right into line 20 of the schedule a it's the casualty theft we're a worksheet and and there's two different kinds of casualty losses one is business hmm which is pretty much a hundred percent and the other one is reduced by ten percent of your adjusted gross income minus another hundred dollars and here's what you have to do on the form 46 84 you have to start with a description of the casualty or theft you have to put in when the twin the theft or casualty started then you have to tell what kind of property was it was it personal or business employment or income producing property you have to check that you have to check all these other categories was they used in a passive activity on and on and on it goes already people are saying well I don't know now if you've had the loss of the personal residence there's a part of this schedule you have to fill out regarding that and then you have to fill out whether or not the casualty was repaid by any form of insurance now here's what catches a lot of people they had to count earlier theft home was burned burglarized or whatever they had a 20 thousand dollar loss and they want to ride out to 20 thousand dollar loss but as you're going through this farm in schedule he find out that well wait a minute the insurance company reimbursed them $25,000 well guess what they don't have a casualty theft or loss because the insurance company reimbursed them but for the casualty theft or loss but they can't be taxed on that money from it no okay no no you know but they certainly don't get any additional loss well there are some cases where they might be taxed but generally there are there's always exceptions but generally no data stone they're just not able to to to deduct an additional casually theft or loss if they've been reimbursed do you have a police report to women well you know what you're right and you've got to put the date down on that and you have to have all of these things done to be able to deduct this casualty theft or loss you've got to have the date you bought at the cost of it the fair market value before the event the fair market value after the event was it a total loss mr. no if it's a personal use was it a collectible yes or no and then all of these different things you have to check and you know it's really true if you've had a casualty theft or loss I don't think you want to do it on TurboTax no I don't think so either you might get some advices Timothy Geitner but you probably don't want to do it on TurboTax you probably want to call whoever your tax accountant is and go through the scenario with them sit down with them have a chat they can get the form out and go through the form with you to see if you really do have a valid casualty theft or loss and is it up to the two to you or me know the person that's getting their taxes done to get all the police information oh it certainly is I mean I mean I guess they could pay us to do it but they wouldn't want to oh yeah and you have to have this list of stuff and I done these before and you know the last couple times that the last time I've done him we had to sit down and go through the schedule with the tax payer just so they could go out and do everything that was needed in order to even fill out the form although all the required information well we're out of time so if you want some more information you just call Everett at five three three four one three one and don't forget that website Everett Hughes comm will talk to you next Wednesday you shall