Casualties and Thefts

[ajuroff]

Clients had their home broken into with many items taken. Police report was filed and insurance

paid out some. I have all info related to this.

My question: Form 4684 states: "Use a separate column for lines 1 through 9 to show each item lost or damaged from a single casualty or theft".

In this case, there are 31 items. Most were jewerly. Do I have to list each ring, necklace, etc.

separately? Or can I lump sum the jewerly?

[michaelmars]

I have gone so far as to lump the entire contents of a home destroyed. the irs can always ask for more detail if they want. Or you can attach the list sent to the homeowners insurance co.

[ajuroff]

So, for "Date Acquired", can I put various? Each item was purchased at a different time.

[jklcpa]

I wish I was that luck to be able to lump. I am working on a partnership with a theft loss of several pages of depreciable items, most having taken sec 179 on. Each item reported separately. Once I get the partnership done, then I get to do it over again on the each of the 2 partner's returns.

[Edward]

I always use IRS Pub 584 (Personal use Property) and 584-B (Business Use Property). These

Casualty Workbooks are an excellent starting point for such casualties. Try them, I'm certain you'll be satisified.