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For you and your family
Standard mileage and other information

Forms and Instructions

Individual Tax Return
Instructions for Form 1040
Request for Taxpayer Identification Number (TIN) and Certification
Request for Transcript of Tax Return

 

Employee's Withholding Allowance Certificate
Employer's Quarterly Federal Tax Return
Employers engaged in a trade or business who pay compensation
Installment Agreement Request

Popular For Tax Pros

Amend/Fix Return
Apply for Power of Attorney
Apply for an ITIN
Rules Governing Practice before IRS

Casualty Loss with an SBA Loan

(04/13) Q:  If a taxpayer secures a low-interest disaster loan from the Small Business Administration what effect will it have on calculating a casualty loss?

A: A low-interest disaster loan from the Small Business Administration loan must be repaid and therefore does not reduce the casualty loss amount.  However, amounts of the loan, if any, which are cancelled or forgiven are included in gross income in the year of cancellation.  Additionally, insurance or other reimbursements received and not required to be repaid will reduce the casualty loss.


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