TurboTax / Tax Calculators & Tips / All Tax Guides / IRS Tax Forms / What is a Schedule L IRS form?

What is a Schedule L IRS form?

Updated for Tax Year 2010


OVERVIEW

The Schedule L IRS form for Form 1040 was used through the 2010 tax year for property losses incurred in a federal disaster area.


Every time you prepare your tax return, you must decide whether to itemize deductions or claim the standard deduction. Generally, it’s better to choose the larger of the two (TurboTax will help you decide which gives you the bigger tax boost). However, you may be able to increase your standard deduction for property losses you suffer within a federal disaster area.

Claiming net disaster losses

In general, all taxpayers are eligible to claim a casualty loss as part of their itemized deductions if an infrequent or sudden event, such as a hurricane or tornado, causes property damage. If you suffer this type of loss in a federal government declared disaster area, Congress and the IRS will often introduce an exception that allows you to claim the deduction even if you don’t itemize.

The amount of your deductible loss from a disaster area is one of the few exceptions where you can increase the standard deduction. To increase your standard deduction, you must first calculate your loss on Form 4684 and then report it on the Schedule L attachment to your tax return (TurboTax will do this for you).

Schedule L requirements

You can only use a Schedule L to increase your standard deduction if you file your income tax return on Forms 1040 or 1040A. If you are eligible to file using Form 1040EZ, you should consider filing on one of the other forms to take advantage of the larger deduction, even though Form 1040EZ can be prepared in less time. If you anticipate claiming a net disaster loss on Schedule L, then the IRS requires you to fill out Form 1040.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.


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