Tele Teton Corporation
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Original Message:
Re: Tele Teton Corporation (by John Y.):
Calculating and Filing Casualty and Theft Losses Casualty and theft losses are miscellaneous itemized deductions that are reported on IRS Form 4684, which carries over to the Schedule A, then to the 1040 form. Therefore, in order for any casualty or theft loss to be deductible, the taxpayer must be able to itemize deductions. If this is not possible, then no loss can be claimed. If you have a signed contract, then it is a theft loss. It's debatable for the selling price of only the front money.
Read more: http://www.investopedia.com/articles/taxes/08/itemized-deduction.asp#ixzz1lzZtCIyQ