Instructions For Form 4684 - Casualties And Thefts

example, if casualty damage occurs to both

us to figure and collect the right amount of

Line 31

a building and to trees on the same piece of

tax.

If Form 4797, Sales of Business Property, is

real estate, measure the loss separately for

You are not required to provide the

not otherwise required, enter the amount

the building and for the trees.

from this line on page 1 of your tax return, on

information requested on a form that is

the line identified as from Form 4797. Next to

subject to the Paperwork Reduction Act

Line 28

unless the form displays a valid OMB control

that line, enter “Form 4684.”

number. Books or records relating to a form

If the amount on line 28 includes losses on

or its instructions must be retained as long as

property held 1 year or less, and losses on

Line 32

their contents may become material in the

property held for more than 1 year, you must

Estates and trusts, enter on the “Other

administration of any Internal Revenue law.

allocate the amount between lines 29 and 34

deductions” line of your tax return.

Generally, tax returns and return information

according to how long you held each

Partnerships (except electing large

are confidential, as required by section 6103.

property. Enter on line 29 all gains and

partnerships), enter on Form 1065,

losses on property held 1 year or less. Enter

The time needed to complete and file this

Schedule K, line 13d. Electing large

on line 34 all gains and losses on property

form will vary depending on individual

partnerships, enter on Form 1065-B, Part II,

held more than 1 year, except as provided in

circumstances. The estimated burden for

line 11. S corporations, enter on Form

the instructions for line 33.

individual taxpayers filing this form is

1120S, Schedule K, line 12d. Next to that

approved under OMB control number

line, enter “Form 4684.”

If you are claiming a theft loss from a

1545-0074 and is included in the estimates

Ponzi-type investment scheme and are

shown in the instructions for their individual

Line 33

following the procedures in Revenue

income tax return. The estimated burden for

Procedure 2009-20, 2009-14 I.R.B. 749,

all other taxpayers who file this form is

If you had a casualty or theft gain from

enter on line 28 the amount from line 10 in

shown below.

certain trade, business, or income-producing

Part II of Appendix A. Do not complete the

property held more than 1 year, you may

remainder of Section B, Part I of Form 4684

Recordkeeping

1 hr., 58 min.

have to recapture part or all of the gain as

. . .

for that loss.

ordinary income. See the instructions for

Learning about the

Form 4797, Part III, for more information on

law or the form

33 min.

Part II, Column (a)

. . .

the types of property subject to recapture. If

recapture applies, complete Form 4797, Part

Preparing the

Use a separate line for each casualty or

III, and this line, instead of Form 4684,

theft.

form

2 hrs., 25 min.

. . . . . . . . . . .

line 34.

Copying, assembling,

Part II, Column (b)(i)

and sending the form

Line 38a

Enter the part of line 28 from trade, business,

to the IRS

34 min.

. . . . . . .

Taxpayers, other than partnerships and S

rental, or royalty property (other than

corporations, if Form 4797 is not otherwise

property you used in performing services as

If you have comments concerning the

required, enter the amount from this line on

an employee).

accuracy of these time estimates or

page 1 of your tax return, on the line

suggestions for making this form simpler, we

identified as from Form 4797. Next to that

Part II, Column (b)(ii)

would be happy to hear from you. See the

line, enter “Form 4684.”

instructions for the tax return with which this

Enter the part of line 28 from

form is filed.

Paperwork Reduction Act Notice. We ask

income-producing property and from

for the information on this form to carry out

property you used in performing services as

the Internal Revenue laws of the United

an employee. Income-producing property is

States. You are required to give us the

property held for investment, such as stocks,

information. We need it to ensure that you

notes, bonds, gold, silver, vacant lots, and

are complying with these laws and to allow

works of art.

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Instructions For Form 4684 - Casualties And Thefts - 2012 Page 5

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