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 |
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| 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 |