PlainJane224 wrote:

- quote -

If insurance covered the rest, your loss before limits is
your deductible. At $150 - 10% of your AGI, your loss is
small (if AGI > $1,500, your deduction is zero).

- quote -

Not worth the time for this situation.

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Plainjane224[at]aol.com (PlainJane224) wrote:

- quote -

There is a huge thread on "Casulty Losses" going on right
now that you may want to read.

My understanding however is that you probably don't have a
deduction.

From what you are saying, everything but the $250 deductible
was paid by insurance. If this is the case, your only loss
is the $250. You have to subtract $100 from this loss (it's
the law (as is often repeated)). That leaves you with a
loss of $150. You then have to subtract 10% of your AGI. I
would presume you made in excess of $1500, therefore, no
loss.

bex

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"PlainJane224" <Plainjane224[at]aol.com> wrote

- quote -

Good question. The answer is, for an individual (generally
on a cash basis), the year you incured the loss, which in
this case would be 2002, unless you expect insurance to
cover the damages. If you were to deduct the theft/casualty
loss in full on your 2002 return, and insurance paid most of
the bill, then you would have casualty/loss income in 2003.

- quote -

Casualty losses are a Schedule A item, that flow from Form
4684. You first deduct $100 from the total loss, then if
the remaining loss exceeds 10% of your AGI you can place
that number (the amount above 10% of AGI) on your Schedule
A, which if you aren't able to itemize, you can't use.

- quote -

Yes. The fair value before the theft, and just after the
theft (before being repaird). See the form and instructions
for Form 4684.

- quote -

First see if you come close to being able to claim the
deduction in the first place (most theft/casualty losses
don't amount to all that much). Then get an appraisal from
an auto dealer or someone like that.

--
Snowmen fall from heaven unassembled.
-------------
Paul A. Thomas, CPA
taxman at negia.net

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December 2002, my vehicle was stolen and later recovered
with damages, and I filed an insurance claim for repairs. I
paid a $250 insurance deductable in January 2003. My
questions are..

Can I deduct this on my taxes this year?
And if so...
I read something about $100 and 10%?
Do I need to know the value of the vehicle before and after?
If so, whom would I contact for a before and after value
appraisal? Forms and documents that I would have to send to
the IRS?

Basically, I've never done any type of tax filings other
then the basic forms.. so any info is greatly appreciated.


Thank you,
Plainjane224

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