|
#2
02-24-2004, 06:57 AM
| |||
| |||
 Re: Casualy Loss Deduction from Fallen Tree Rich Anton wrote: - quote - > Last Christmas a snowstorm and wind caused a tree to fall
No because in most states you would not be required to make> from my yard into my neighbors driveway taking out three > cars. His auto insurance was the only coverage as my > homeowners and his homeowners would not cover anything, > referring to the event as an "Act of God".. He had to pay a > total deductible of $1500. I split the cost with him giving > him $750. > Is this money somehow deductible as a loss. the payment and it is therefore a gift. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
02-23-2004, 05:01 PM
| |||
| |||
| Re: Casualy Loss Deduction from Fallen Tree Probably not unless your income is less than $7500. What we used to call "fender benders" disappeared many years ago. A casualty loss now has to be greater than 10% of your adjusted gross income PLUS $100. Nan, EA in LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
02-23-2004, 04:41 PM
| |||
| |||
| Re: Casualy Loss Deduction from Fallen Tree antonr01[at]yahoo.com (Rich Anton) wrote: - quote - > Last Christmas a snowstorm and wind caused a tree to fall
Two factors working against you:> from my yard into my neighbors driveway taking out three > cars. His auto insurance was the only coverage as my > homeowners and his homeowners would not cover anything, > referring to the event as an "Act of God".. He had to pay a > total deductible of $1500. I split the cost with him giving > him $750. > Is this money somehow deductible as a loss. (1) Small casualty losses aren't worth your while. There's a $100-per-loss plus 10%-of-AGI haircut -- so unless you had another much larger casualty loss or made only $6,500 last year, you get no benefit. (2) It could well be argued that your payment to your neighbor was really a gift, since you were under no legal obligation to make it. You are not normally liable for damage caused when your tree falls onto somebody else's property, unless you knew or should have known the tree was unsound. -- Chris Green << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
02-22-2004, 05:59 AM
| |||
| |||
| Casualy Loss Deduction from Fallen Tree Last Christmas a snowstorm and wind caused a tree to fall from my yard into my neighbors driveway taking out three cars. His auto insurance was the only coverage as my homeowners and his homeowners would not cover anything, referring to the event as an "Act of God".. He had to pay a total deductible of $1500. I split the cost with him giving him $750. Is this money somehow deductible as a loss. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| casualy, deduction, fallen, loss, tree |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Paycheck deduction Austin Castro: Can I use my paycheck deduction to automatically pay a loan account? I see that it can automatically transfer to saving accounts but it does not... | Microsoft Money | 1 | 05-07-2004 03:09 PM | |
| medical deduction tmw1968: I have lost 150 plus pounds and have been recommended by the Dr. to have excess skin removed because of skin rashes, etc. Insurance will not pay as... | Taxes | 1 | 02-22-2004 05:40 AM | |
| Education Deduction Ted Simon: Can someone please give me the lowdown on the deduction for graduate education? I am an engineer and will be starting a full-time MBA program in... | Taxes | 4 | 02-19-2004 01:56 PM | |
| Theft loss deduction... Tripp Knightly: I have (make that had) an internet domain name stolen through fraudulent means, and have filed official local police reports as well as w/ FBI. ... | Taxes | 4 | 01-21-2004 12:11 PM | |
| Job search deduction Q. Dan, danl, danny boy, Redbeard, actually Greybeard now: When using a rental vehicle to travel to an interview, what is deductible? Any and all help is always appreciated. Thanks Dan <<... | Taxes | 2 | 10-18-2003 03:27 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
