Malika and Henry's vacation home was completely destroyed by fire.They had no insurance to cover the loss.On which of the following forms would they report their loss?

Question

Quizplus · Accepted Answer

Malika and Henry would report their loss on both Form 4684 (Casualties and Thefts) and Schedule A (Itemized Deductions). Form 4684 calculates the amount of the loss and Schedule A allows for the deduction of the loss as an itemized deduction on their tax return.

Malika and Henry's Vacation Home Was Completely Destroyed by Fire