When To Report a Gain or a Losshotel a BasileaInclude a casualty or theft gain in your income in the year youreceive the reimbursement unless you choose to postpone the gain asexplained earlier. Casualty loss. Generally, you can deduct a casualty loss only in the tax year inwhich the casualty occurred. This is true even if you do not repair orreplace the damaged property until a later year. (But seeDisaster Area Losses, later.) Theft losses. You generally can deduct theft losses only in the year you discoveryour property was stolen. You must be able to show there was a theft,but you do not have to know when the theft occurred. However, youshould show when you discovered that your property was missing. Loss on deposits.alberghi piu economici Limerick If your loss is a loss on deposits at an insolvent or bankruptfinancial institution, see Loss on Deposits, earlier. When to deduct a loss Lessee's loss.discount hotels in Stavanger If your loss is on leased property and you were liable to the ownerfor the loss, you can deduct the loss only in the year in which theliability becomes fixed. This is true even if the loss occurred or theliability was paid in a different year. |