Stuart Bronstein wrote:
- quote -

It must also serve to EXTEND the usefulness of the asset it
augments (or be something new that wasn't there before).

cf. Tax Court case in 2002 where a landlord simply paved
over the roof of his rental with another roof - treated as a
REPAIR by the court. [Citation available upon request -
but I don't feel like going into the other room and opening
my 2003 CPE book it's in right now.]

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"Dick Adams" <rdadams[at]smart.net> wrote:
- quote -

Agreed - the key here is the suddenness of the damage. Had
the storm water RUSHED in and damaged the house it would
qualify as a casualty loss.

Gene E. Utterback, EA

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Arthur L. Rubin wrote:
- quote -

As I recall the rule of thumb was that if it was something
that would by its nature last longer than a year it would
qualify as a capital improvement, allowing adding it to
basis.

Stu

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denaman[at]hotmail.com wrote:

- quote -

I'm afraid "progressive" is the relevant term, rather
than the specific progressive cause.

The $7,000 may add to the basis of your house, if it's
considered reconstruction rather than repair. I don't
want to speculate which way the IRS would go on that
question.

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denaman[at]hotmail.com wrote:

- quote -

No place, no how. Sorry

ChEAr$,
Harlan Lunsford, EA n LA
Mon 7 Feb 2005

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"denaman[at]hotmail.com" <denaman[at]hotmail.com> wrote:

- quote -

No.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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denaman[at]hotmail.com wrote:

- quote -

A flood loss would qualify but you loss does not.

--
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

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"denaman[at]hotmail.com" <denaman[at]hotmail.com> wrote:

- quote -

N o.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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"denaman[at]hotmail.com" <denaman[at]hotmail.com> wrote:

- quote -

No. And the reason is that it was not a sudden loss.

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Is there anywhere where I can deduct a $7,000 bill I spent
in repairs to my house. Last fall I was forced to strip my
chimney down to its studs and have it rebuilt again because
storm water had seeped in over time and rotted all the OSB
board underneath. It was one of those things you wouldn't
notice unless you lifted the siding and looked underneath (I
noticed it only because I had been repairing split siding).

Didn't think much about it until I saw the Casualty and
Thefts line on the itemized deductions form. It doesn't
appear that I am eligible for this particular deduction
because there is a line that says you can not deduct
progressive damage to property caused by termites, moths,
other insects, or disease. The damage definately was
progressive yet at the same time it definately wasn't caused
by termites, moths, or disease.

If I am not eligible for casualty and theft is there
anywhere else I can deduct this damage?

Thank you for your time,
Brian

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