Course Description: This is a basic-level course covering the Internal Revenue Code § 165(c)(3) deduction for loss of personal-use property from casualty or theft. This course focuses on personal-use property lost due to casualty or theft. A business property loss is deductible as a business expense, and is generally not subject to restrictions as to how the loss occurred. In contrast, loss of personal-use property generally is deductible only if the loss is from a casualty or theft. The course will also cover the rules that apply to measure the loss and limits on the deduction. 

 Course Level: Intermediate 

 Course Prerequisites: None 

 Delivery Method: Self-study

After completing this course you will: 

• Understand how to identify a casualty that gives rise to deductible losses; 
• Know how to calculate the amount of casualty loss; Understand the limitations on the amount of a casualty or theft loss that may be taken; 
• Know how to satisfy the taxpayer’s burden of proof; and 
• Understand how to take the deduction on an individual income tax return.

CPE

2.5

CLE

N/A