Business and Casualty Losses

Federal Tax Course  – Lesson 12

Introduction 1201
Trade or Business Losses 1202
Loss on Transactions Entered into for Profit 1203
Hobby Losses 1204
Abandonment of Assets 1205
Demolition of Buildings 1206
Worthless Stocks 1207
Family Losses 1208
The “At-Risk” Limitation 1209

THE PASSIVE LOSS RULES

Introduction 1210
What is Passive Activity Income 1211
Special Rule For Losses From Rental Real Estate 1212
The Passive Activity Loss Carryover 1213

CASUALTY LOSSES

What is a Casualty Loss and What is Deductible 1214
Amount of Loss 1215
Personal Casualty Losses 1216
Limitations on Personal Casualty Losses 1217
Netting of Personal Casualty Gains & Losses 1218
Husband and Wife 1219
Business Casualty Losses 1220
Insurance or Other Compensation 1221
When to Deduct a Casualty Loss 1222
Special Rule for Disaster Losses 1223
Gambling Losses 1224
Net Operating Loss 1225