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#4
02-09-2006, 04:12 AM
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 Re: Casualty Loss Deduction MarkSchlenoff wrote: - quote - > In 2005 we had a violent thunder/lightning storm and a large
Yes, if you itemize. It goes on Schedule A after you fill> tree next to our house was struck. A large limb fell on the > side of our house causing about $2500 worth of damage. The > insurance company paid for the damage less my deductible of > $700. Can I claim this as a casualty loss? out the casualty form 4684. Missy Doyle << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
02-09-2006, 03:12 AM
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| Re: Casualty Loss Deduction "Nan, EA in LA" <naneklund[at]aol.com> wrote: - quote - > You can but $700 is not likely to do any good. First
Whoops! Now Nan is posting from Google.> there's $100 per incident that is non deductible. Second, > the loss has to be greater than 10% of your adjusted gross > income. First click "how options" and THEN click "reply" to have the prior post quoted automatically in your reply. Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
02-06-2006, 07:19 AM
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| Re: Casualty Loss Deduction MarkSchlenoff wrote: - quote - > In 2005 we had a violent thunder/lightning storm and a large
Yes, but it is highly unlikely you will obtain any tax> tree next to our house was struck. A large limb fell on the > side of our house causing about $2500 worth of damage. The > insurance company paid for the damage less my deductible of > $700. Can I claim this as a casualty loss? benefit. Assuming this was not part of Gulf Hurricanes, your deductible loss is $600 ($700 - $100 deduction by law). Assuming you have no other casualty or theft losses, your deduction is limited to the amount that exceeds 10% of your AGI. If your AGI is at least $6000, there goes your deduction................ << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-06-2006, 06:59 AM
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| Re: Casualty Loss Deduction "MarkSchlenoff" <polyad[at]comcast.net> wrote: - quote - > In 2005 we had a violent thunder/lightning storm and a large
Probably not. It's a claimable event, but probably not> tree next to our house was struck. A large limb fell on the > side of our house causing about $2500 worth of damage. The > insurance company paid for the damage less my deductible of > $700. Can I claim this as a casualty loss? enough uninsured loss for a deduction. See the Schedule A instructions for Line 19. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-06-2006, 06:40 AM
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| Re: Casualty Loss Deduction You can but $700 is not likely to do any good. First there's $100 per incident that is non deductible. Second, the loss has to be greater than 10% of your adjusted gross income. The old days of deducting fender benders are long gone........... Nan, EA in LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-06-2006, 12:46 AM
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| Casualty Loss Deduction In 2005 we had a violent thunder/lightning storm and a large tree next to our house was struck. A large limb fell on the side of our house causing about $2500 worth of damage. The insurance company paid for the damage less my deductible of $700. Can I claim this as a casualty loss? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| casualty, deduction, loss |
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