IRS Publication 584-B – IRS Forms, Instructions, Pubs 2026 – If your business has suffered damage from a fire, flood, storm, theft, or other sudden event, you may qualify for a valuable tax deduction. IRS Publication 584-B, the Business Casualty, Disaster, and Theft Loss Workbook, is the official IRS tool designed specifically to help businesses calculate and document these losses accurately.
This free workbook (revised December 2024) is one of the most practical IRS resources for small businesses, sole proprietors, and owners of income-producing property. It works hand-in-hand with Form 4684 and Publication 547 to simplify what can otherwise be a complex and stressful process.
What Is IRS Publication 584-B?
Publication 584-B is a fill-in workbook that helps you inventory and value business or income-producing property damaged, destroyed, or stolen in a casualty, disaster, or theft event. It contains six ready-to-use schedules (worksheets) for common business assets.
Important distinction: Unlike personal-use property (covered in Publication 584), business casualty and theft losses are generally fully deductible without the $100-per-event or 10%-of-AGI limitations that apply to personal losses. Business losses are reported on Section B of Form 4684 and flow directly to your business tax return (Schedule C, Form 1120, 1065, etc.).
Who Should Use Publication 584-B?
- Small businesses and sole proprietors
- Owners of rental or income-producing property
- Farmers and self-employed individuals
- Any taxpayer with business-use assets affected by a sudden event (fire, flood, hurricane, theft, vandalism, etc.)
The workbook is especially valuable after federally declared disasters, but business losses do not require a federal declaration to be deductible.
Key Features of the 2024 Workbook
The December 2024 revision includes updated formatting, clearer instructions, and references to the latest disaster relief information on IRS.gov/DisasterRelief.
It provides six pre-populated schedules with hundreds of common business items already listed:
| Schedule | Asset Category | Examples of Items Listed |
|---|---|---|
| 1 | Office Furniture & Fixtures | Desks, chairs, bookcases, file cabinets, sofas, tables |
| 2 | Information Systems | Computers, monitors, printers, servers, software, routers |
| 3 | Motor Vehicles | Business cars, trucks, vans (by year/make/model) |
| 4 | Office Supplies | Paper, pens, staplers, file folders, calendars |
| 5 | Buildings, Building Components & Land | Roofs, HVAC systems, plumbing, landscaping, fences |
| 6 | Equipment | Copiers, calculators, microwaves, safes, telephones |
Each schedule has the same nine columns so you can quickly calculate the loss for every item.
Step-by-Step: How to Use Publication 584-B?
The IRS outlines a clear five-step process:
- Read Publication 547 — Casualties, Disasters, and Thefts (essential for definitions and rules).
- Understand key terms — Adjusted basis and fair market value (FMV).
- Complete Schedules 1–6 in the workbook.
- Review the Instructions for Form 4684.
- Transfer totals to Form 4684, Section B using the convenient cross-reference chart in Pub 584-B.
How the Loss Is Calculated (Per Item)?
For each asset, the deductible loss is the lesser of:
- Your adjusted basis in the property, or
- The decrease in fair market value caused by the event
Then subtract any insurance or other reimbursements received (or expected).
Special rules:
- If the property was completely destroyed or stolen → Use adjusted basis (no need to measure FMV decrease).
- If insurance exceeds basis → You may have a taxable gain instead of a loss.
- Keep the filled-out workbook with your tax records as supporting documentation.
Example from the workbook (Schedule 1 – Bookcase):
- Adjusted basis: $250
- Insurance received: $50
- FMV before: $150 → FMV after: $0 (decrease = $150)
- Loss = lesser of $250 or $150, minus $50 = $100
How Publication 584-B Connects to Form 4684?
The workbook is not a tax form you file. It is a worksheet that feeds directly into Form 4684, Casualties and Thefts (Section B – Business and Income-Producing Property). The IRS even provides a line-by-line mapping chart so you can copy column totals straight onto the form.
Important Tax Rules for Business Casualty Losses (2024–2025)
- Business losses are deductible in the year they occur (or the prior year for certain federally declared disasters).
- You must reduce the loss by any insurance, salvage value, or other reimbursements.
- If you expect reimbursement but haven’t received it yet, you may need to file an amended return later.
- Theft losses require proof that the property was stolen (police report, etc.).
For the latest rules and any disaster-specific relief, always check IRS.gov/Pub547 and IRS.gov/DisasterRelief.
Related IRS Resources You’ll Also Need
- Publication 547 → Full rules and definitions
- Form 4684 → The actual form to file
- Publication 584 → For personal-use property (if you also have home/personal losses)
- Publication 3067 → IRS Disaster Assistance guide
- Topic No. 515 → Casualty, disaster, and theft losses overview
All are free and available on IRS.gov.
Download the Latest Version
Direct PDF link (December 2024 revision):
https://www.irs.gov/pub/irs-pdf/p584b.pdf
You can also access the HTML version and prior-year editions at:
IRS.gov/publications/p584b
Pro tip: Download and save the workbook now — even if you haven’t had a loss. It’s an excellent tool for maintaining a current inventory of business assets for insurance and tax purposes.
Frequently Asked Questions
- Is Publication 584-B only for federally declared disasters?
No. Business casualty and theft losses are deductible regardless of federal disaster status. - Can I use it for rental property?
Yes — income-producing property is covered. - Do I have to use every schedule?
Only the ones that apply to your assets. Blank schedules are fine. - What if I have many identical items (e.g., 50 chairs)?
You can group identical items on one line with quantities and total values.
Final Thoughts
IRS Publication 584-B is one of the smartest, simplest tools the IRS provides to help business owners recover financially after a disaster or theft. By systematically listing assets, calculating losses, and feeding the numbers directly into Form 4684, you’ll have stronger documentation for both insurance claims and your tax return.
Disclaimer: This article is for informational purposes only and is based on official IRS publications as of February 2026. Tax laws can change, and your specific situation may require professional advice. Always consult a qualified tax professional or enrolled agent before claiming any casualty loss deduction.
Need help right now?
Visit IRS.gov/DisasterRelief for the latest updates on your area, or use the IRS Interactive Tax Assistant for casualty loss questions.
Stay prepared — download Publication 584-B today and keep your business records organized. When the unexpected happens, you’ll be ready to claim every deduction you’re entitled to.