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Casualty and Theft - Duration and Type

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Question
Casualty and Theft - Duration and Type

Answer

Duration - Long-Term and Short-Term

The holding period for long-term gains and losses is more than 1 year.  For short-term gains and losses, it is 1 year or less. To figure the holding period, begin counting on the day after you received the property and include the day the casualty or theft occurred.

Property Types 

Select the appropriate property type below.

Section A: Personal Use Property

Section B: Business and Income-Producing Property

For details on the treatment of casualties or thefts to business or income-producing property, including rules on the loss of inventory through casualty or theft, see Publication 547.

If you had a casualty or theft loss involving a home you used for business or rented out, your deductible loss may be limited.

See IRS Instruction for Form 4684 for more information.


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Views: 1293 Created on: Jun 15, 2013
Date updated: Dec 07, 2018

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