Fill - Free fillable 2019 Schedule M1CAT, Casualty and The (Minnesota Department of Revenue) PDF form

Property A Property B Property C Property D

2 Cost or other basis (see instrucons) .......................... 2

3 Insurance or other reimbursement, whether or not you led a claim

(see instrucons) Note: If line 2 is more than line 3, skip line 4 ..... 3

4 Gain from casualty or the. Subtract line 2 from

line 3 and skip lines 5 through 9 for that column ................. 4

5 Fair market value before casualty or the....................... 5

6 Fair market value aer casualty or the

........................ 6

7 Subtract line 6 from line 5 ................................... 7

8 Enter the smaller of line 2 or line 7 .............................8

9 Subtract line 3 from line 8. If zero or less, enter 0 .................9

10 Casualty or the loss. Add the amounts on line 9 for Properes A through D ................................ 10

(see instrucons if you are ling mulple schedules for the same event)

11 Enter $100 ....................................................................................... 11

12 See instrucons before compleng line 12. Subtract line 11 from line 10. If zero or less, enter 0. ................ 12

13 If you had one casualty or the event, enter the amount from line 12

If you had more than one event, see instrucons ....................................................... 13

Add the amounts on line 4 of all Schedules M1CAT you are ling

........................................... 14

15 If line 14 is equal to or more than line 13, enter the dierence here. STOP HERE and see instrucons.

If line 14 is less than line 13, enter 0 here and connue to line 16.......................................... 15

Add lines 14 and 15.

............................................................................... 16

17 Subtract line 16 from line 13 .........................................................................17

18 Enter the amount from line 1 of Form M1 ..............................................................18

19 Mulply line 18 by 10% (.10) .........................................................................19

20 Subtract line 19 from line 17. If the result is zero or less, enter 0. Enter the result on line 19 of Schedule M1SA ....20

Your First Name and Inial Last Name Social Security Number

1 Descripon of properes, including the type, locaon, and date acquired for each property. Use a separate line for each property lost or damaged

from the same casualty or the event. You must le a separate Schedule M1CAT for each casualty or the event involving personal property.

Property A

Property B

Property C

Property D

2019 Schedule M1CAT, Casualty and The

9995

*191451*

$100

Do not complete Schedule M1CAT if you completed federal Form 4684 to report a net gain from a casualty or the on your federal income tax return.

Purpose of Form

Use Schedule M1CAT, Casualty and Theft, to report gains and losses from casualties and thefts. Attach this schedule and Schedule M1SA, Min-

nesota Itemized Deductions, to your Minnesota income tax return.

If you completed federal Form 4684 due to a federally declared disaster area, use the information from your federal Form 4684 to complete

Schedule M1CAT.

Do not complete Schedule M1CAT if you completed federal Form 4684 to report a net gain from a casualty or theft on your federal income tax

return.

Which losses are deducble?

You can deduct losses of property from re, storm, shipwreck, or other casualty, or theft (for example larceny and robbery).

See Internal Revenue Service (IRS) Publication 547 for more examples.

If your property is covered by insurance, you should le a timely insurance claim for reimbursement of your loss. If you do not le an insurance

claim, you may only deduct the part of your loss that your insurance policy does not cover.

Related expenses. You may not deduct the related expenses you have due to a casualty or theft, such as expenses for treatment of personal

injuries or for a rental car.

Costs for protection against future casualties are not deductible but should be capitalized as permanent improvements. An example would be the

cost of a levee to stop ooding.

Which losses are not deducble?

• Money or property misplaced or lost.

• Breakage of china, glassware, furniture, and similar items under normal conditions.

• Progressive damage to property (buildings, clothes, trees, etc.) caused by mold, termites, moths, other insects, or disease.

• A decline in market value of stock, caused by disclosure of accounting or other illegal misconduct by the ocers or directors of the corpora-

tion issuing the stock, that was acquired on the open market for investment.

When should I deduct a loss?

Deduct the part of your casualty or theft loss that is not reimbursable in the tax year the casualty occurred or the theft was discovered.

If you are not sure whether part of your casualty or theft loss will be reimbursed, do not deduct that part until the tax year when you become

reasonably certain that it will not be reimbursed.

If you are reimbursed for a loss you deducted in an earlier year, include the reimbursement in your taxable income in the year you received it,

but only to the extent the deduction reduced your taxable income in an earlier year.

Personal Use Property

Use a separate column for lines 1 through 9 to show each item lost or damaged from a single casualty or theft event. If more than four items

were lost or damaged, complete lines 1 through 9 of additional Schedules M1CAT for those items.

Complete a separate Schedule M1CAT through line 12 for each casualty or theft event involving property not used in a trade or business or for

income-producing purposes. For example, complete a separate Schedule M1CAT through line 12 for property lost or damaged due to a re, and

another Schedule M1CAT for property lost or damaged due to a storm.

Do not include any loss previously deducted on an estate tax return.

If you are liable for casualty or theft losses to property leased from someone else, see Leased property under Figuring a Loss in IRS Publica-

tion 547.

Line Instrucons

Line 1

Describe the type of property (for example, furniture, jewelry, car, etc.).

Line 2

Cost or other basis usually means original cost plus improvements. Subtract any postponed gain from the sale of a previous main home. Special

rules apply to property received as a gift or inheritance. See Basis Other Than Cost in IRS Publication 551 for details.

Line 3

Enter the amount of insurance or other reimbursement you received or expect to receive for each property. Include your insurance coverage

whether or not you are ling a claim for reimbursement. For example, your car worth $2,000 is totally destroyed in a collision and you are

insured with a $500 deductible. You decide not to report the collision to your insurance company because you are afraid they will cancel your

policy. In this case, enter $1,500 on this line.

If you expect to be reimbursed but have not yet received payment, you must still enter the expected reimbursement from the loss. If, in a later tax

year, you become reasonably certain that you will not be reimbursed for all or part of the loss, you can deduct for that year the amount of the loss

that is not reimbursed.

2019 Schedule M1CAT Instrucons

Types of reimbursements. Insurance is the most common way to be reimbursed for a casualty or theft loss. However, all of the following are

considered reimbursements:

• The part of a federal disaster loan forgiven that you do not need to pay back.

• Repayment for any part of a loss from a person who leases your property.

• Cost of repairs for a person who leases your property and must make repairs.

• The amount you were able to collect, minus lawyers’ fees and other necessary expenses, for court-awarded damages for a casualty theft or loss.

• Repairs, restoration, or cleanup services you accepted from relief agencies.

• Payment from a bonding company for a theft loss.

Lump-sum reimbursement. If you have a casualty or theft loss of several assets at the same time and you receive a lump-sum reimbursement,

you must divide the amount you receive among the assets according to the fair market value of each asset at the time of the loss.

Grants, gifts, and other payments. Grants and other payments you receive to help you after a casualty are considered reimbursements only if you

must use them specically to repair or replace your property. Such payments will reduce your casualty loss deduction. If there are no conditions on

how you have to use the money you receive, it is not a reimbursement.

Line 4

If you are entitled to an insurance payment or other reimbursement for any part of a casualty or theft loss, but you choose not to le a claim for the

loss, you cannot realize a gain from that payment or reimbursement. Figure the gain on line 4 by subtracting your cost or other basis in the prop-

erty (line 2) only from the amount of reimbursement you actually received. Enter the result on line 4, but do not enter less than zero.

Lines 5 and 6

Fair market value (FMV) is the price at which the property would be sold between a willing buyer and a willing seller, each having knowledge

of the relevant facts. The dierence between the FMV immediately before the casualty or theft and the FMV immediately after represents the

decrease in FMV because of the casualty or theft. The FMV of property after a theft is zero if the property is not recovered.

FMV is generally determined by a competent appraisal. The appraiser’s knowledge of sales of comparable property about the same time as the

casualty or theft, knowledge of your property before and after the occurrence, and the methods of determining FMV are important elements in

proving your loss.

The appraised value of property immediately after the casualty must be adjusted (increased) for the eects of any general market decline that may

occur at the same time as the casualty or theft. For example, the value of all nearby property may become depressed because it is in an area where

such occurrences are commonplace. This general decline in market value is not part of the property’s decrease in FMV as a result of the casualty

or theft.

Replacement cost or the cost of repairs is not necessarily FMV. However, you may be able to use the cost of repairs to the damaged property as

evidence of loss in value if all of the following apply:

• The repairs are actually made.

• The repairs are necessary to restore the property to the condition it was in immediately before the casualty.

• The amount spent for repairs is not excessive.

• The repairs only correct the damage caused by the casualty.

• The value of the property after the repairs is not, as a result of the repairs, more than the value of the property immediately before the casualty.

To gure a casualty loss to real estate not used in a trade, business, or for income-producing purposes, measure the decrease in value of the prop-

erty as a whole. All improvements, such as buildings, trees, and shrubs, are considered together as one item. Figure the loss separately for other

items. For example, gure the loss separately for each piece of furniture.

Line 10

If you had more than four properties stolen or destroyed during the same casualty or theft event, complete additional Schedules M1CAT, lines 1

through 9, for the additional properties. Complete only one Schedule M1CAT, lines 10 through 12, for each casualty or theft event.

Line 12

If you experienced one casualty or theft event in 2019, complete one Schedule M1CAT, lines 12 through 20, to determine the amount to enter on

Schedule M1SA.

If you experienced more than one casualty or theft event in 2019, complete one Schedule M1CAT, lines 12 through 20, to determine the amount

to enter on Schedule M1SA. On line 12 of the Schedule M1CAT you are completing, include the amounts from line 12 of the other Schedules

M1CAT you are ling to report the additional casualty or theft events you experienced in 2019.

Line 13

If you had one casualty or theft event, enter the amount from line 12.

If you had more than one casualty or theft event, you should have completed a separate Schedule M1CAT through line 12 for each event. Enter the

total of lines 12 from all Schedules M1CAT you are ling on line 13 of the rst Schedule M1CAT you le. Leave line 13 of all other Schedules

M1CAT blank.

Your refund will be delayed or denied if you do not include all Schedules M1CAT.

Line 15

You will complete line 15 dierently depending on whether you have a net gain or loss.

If line 14 is more than line 13, you have a net gain. The net gain should be reported on your federal return. Do not complete Schedule M1CAT.

If line 14 is less than line 13, you have a net loss. Complete Schedule M1CAT and enter the result of line 20 on line 19 of Schedule M1SA.

Fill Online, Printable, Fillable, Blank 2019 Schedule M1CAT, Casualty and The (Minnesota Department of Revenue) Form

Related forms

Fillable 2019 Schedule M1CAT, Casualty and The (Minnesota Department of Revenue)

Fill Online, Printable, Fillable, Blank 2019 Schedule M1CAT, Casualty and The (Minnesota Department of Revenue) Form

Related forms

First 20 documents completely FREE!