IRS Form: Instructions for Form 4684 (IRC §165)

Instructions for Form 4684 released January 28 to reflect changes in the limitation on personal casualty and theft losses, AMT adjustment for standard deduction, the repeal of electing large partnership rules, and a redesigned Form 1040 for 2018, among other changes. Specific to the adjustment in the limitation on losses, personal casualty and theft losses of an individual sustained in a tax year beginning after 2017 are deductible only to the extent they’re attributable to a federally declared disaster. The loss deduction is subject to the $100 limit per casualty and 10% adjusted gross income limitation. [IRS Form 4684 Instructions] ...