Publication 547
Contents
Cat. No. 15090K
What’s New for 2009 . . . . . . . . . . . . . . . 1
Department
of the
What’s New for 2010 . . . . . . . . . . . . . . . 1
Treasury
Casualties,
Reminder
. . . . . . . . . . . . . . . . . . . . . . 1
Internal
Introduction . . . . . . . . . . . . . . . . . . . . . 2
Revenue
Disasters,
Service
Casualty . . . . . . . . . . . . . . . . . . . . . . . 2
Theft . . . . . . . . . . . . . . . . . . . . . . . . . . 3
and Thefts
Loss on Deposits . . . . . . . . . . . . . . . . . 3
Proof of Loss . . . . . . . . . . . . . . . . . . . . 3
Figuring a Loss . . . . . . . . . . . . . . . . . . 4
For use in preparing
Deduction Limits . . . . . . . . . . . . . . . . . 7
2009 Returns
Figuring a Gain
. . . . . . . . . . . . . . . . . . 9
When To Report Gains and
Losses
. . . . . . . . . . . . . . . . . . . . . 12
Disaster Area Losses . . . . . . . . . . . . . . 12
How To Report Gains and Losses . . . . . 14
How To Get Tax Help . . . . . . . . . . . . . . 14
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 17
What’s New for 2009
Increase in personal casualty and theft loss
limit. Generally, each personal casualty or
theft loss is limited to the excess of the loss over
$500. In addition, the 10%-of-adjusted gross
income (AGI) limit continues to apply to the net
loss.
New Schedule L (Form 1040A or 1040).
If
you claim a net disaster loss as part of your
standard deduction, you must complete Sched-
ule L (Form 1040A or 1040) and attach it to Form
1040. See Disaster Area Losses later.
What’s New for 2010
Decrease in personal casualty and theft loss
limit. Each personal casualty or theft loss is
limited to the excess of the loss over $100 (in-
stead of $500). In addition, the 10%-of-AGI limit
continues to apply to the net loss.
Disaster losses. The special rules that were
in effect in 2008 and 2009 for losses of personal
use property attributable to federally declared
disasters do not apply to losses occurring in
2010 and later years. Instead, these losses will
be subject to the 10%-of-AGI li