- The taxpayer (TP) is a BitCoin Miner and lives in New Hampshire. TP owned $150,000 of computer equipment and servers, used for "BitCoin mining". The servers and computers used for BitCoin mining were located in Tennessee and maintained and managed by a registered company with employees owned by a Tennessee resident. The Tennessee owner of the Tennessee company committed larceny and stole all of the $150,000 worth of servers and equipment used in Bitcoin mining from the NH TP. TP has received NO insurance proceeds on the theft. Police reports have been filed with the local authorities and the TP has a lawyer working the case. The TN thief was arrested by local authorities.
- The Tax Cuts and Jobs Act (TCJA), took effect in 2018, greatly reduced the casualty loss deduction for losses to personal property like your home. During 2018 through 2025, only losses to personal property caused by federally declared disasters are deductible.
- Nevertheless, this limitation does not apply to casualty losses related to business property, such as an office building, business equipment, or a car used for business.
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Hi Stephen,- What you’re looking for is right in the Code.
- IRC §165(h)(5) was added by §11044(a) of the TCJA effective for losses incurred in tax years beginning after 12/31/2017. It provides that in the case of an individual, any “personal casualty loss” isn’t deductible unless it is attributable to a Federally declared disaster.
- IRC §165(h)(3)(B) defines a “personal casualty loss” as a loss described in IRC §165(c)(3), which is a loss “of property not connected with a trade or business or a transaction entered into profit.”
- A loss incurred in a trade or business is described in IRC §165(c)(1), which is still allowable and need not be attributable to a Federally declared disaster.
Certified Public Accountant
1400 Spring Valley Drive
Roseville, CA 95661-7329
Tel. (916) 782-8933
Fax (916) 910-2071
E-mail: dfogel@surewest.net
1400 Spring Valley Drive
Roseville, CA 95661-7329
Tel. (916) 782-8933
Fax (916) 910-2071
E-mail: dfogel@surewest.net
Web: https://fogelcpa.com
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