IRS Publication 547

AAA

DEFINITION of 'IRS Publication 547'

A document published by the Internal Revenue Service (IRS) that provides information on how taxpayers are to treat casualty, theft and other property gains and losses when filing taxes. IRS Publication 547 indicates how insurance payments for losses are to be reported, what constitutes property theft or casualty loss and the amount of loss that can be deducted.




INVESTOPEDIA EXPLAINS 'IRS Publication 547'

Gains and losses caused by some natural disasters, such as floods and hurricanes, may fall under special, temporary rules that allow the taxpayer extra allowances.


Taxpayers typically fill out Form 4684 (Casualties and Thefts) when reporting a casualty or theft, but may also need to complete Schedule A, Schedule D or Form 3797 (Sales of Business Property).

RELATED TERMS
  1. Schedule L

    A form attached to Form 1040 that is used to calculate the standard ...
  2. Casualty And Theft Losses

    Deductible losses stemming from the loss or destruction of the ...
  3. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  4. Schedule D

    A U.S. income tax form used by taxpayers to report their realized ...
  5. Schedule A

    A U.S. income tax form used by taxpayers to report itemized deductions, ...
  6. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty ...
Related Articles
  1. Home & Auto

    Protecting Your Financial Documents From Disaster

    Organizing and updating your records regularly can save you a lot of grief in a time of crisis.
  2. Taxes

    Deducting Disaster: Casualty And Theft Losses

    If you've been a victim, your losses may be deductible. Find out how.
  3. Taxes

    Cut Taxes By Reporting Property Damage

    Know the options you have for your insured property if and when a disaster strikes.
  4. Insurance

    Do You Need Casualty Insurance?

    Find out how different types of coverages can protect you and which policy is right for you.
  5. Investigate these expat havens if you seek a developed country with low barriers for getting a permanent resident visa – sometimes even citizenship.
    Personal Finance

    5 Developed Countries That Welcome Expats

    Investigate these expat havens if you seek a developed country with low barriers for getting a permanent resident visa – sometimes even citizenship.
  6. Free enterprise is the economic term used to describe an economy with very little government ownership.
    Economics

    What's Free Enterprise?

    Free enterprise is the economic term used to describe an economy with very little government ownership or regulation. In a free enterprise system, competition and the preferences and choices ...
  7. Some countries put up very high barriers for foreigners to get citizenship
    Personal Finance

    5 Countries Where It's Hardest To Become A Citizen

    The United States is one of five countries that put up very high barriers for foreigners to get citizenship. Here's how it compares to the other four.
  8. Depending on their parents, people not born in the U.S. either inherit U.S. citizenship or need to achieve it. Here are the steps to become an American.
    Personal Finance

    How To Become A U.S. Citizen

    Depending on their parents, people not born in the U.S. either inherit U.S. citizenship or need to achieve it. Here are the steps to become an American.
  9. The Affordable Care Act is the largest change to the tax code in 20 years that could affect you when you file that 2014 tax return next year.
    Taxes

    How Might The Affordable Care Act Affect You?

    The Affordable Care Act is the largest change to the tax code in 20 years that could affect you when you file that 2014 tax return next year.
  10. Taxes

    What's the difference between cost of goods sold (COGS) and cost of sales?

    Explore the difference between the cost of goods sold and cost of sales listed on an income statement, and what types of companies use one over the other.

You May Also Like

Hot Definitions
  1. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  2. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  3. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
  4. Annual Percentage Rate - APR

    The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents ...
  5. Free Carrier - FCA

    A trade term requiring the seller to deliver goods to a named airport, terminal, or other place where the carrier operates. ...
  6. Law Of Supply And Demand

    A theory explaining the interaction between the supply of a resource and the demand for that resource. The law of supply ...
Trading Center