k wrote:

- quote -

Yes. as a casualty loss on form 4685.
- quote -

No. Use one column of the form for each group of assets,
e.g. personal possessions, auto(s), trucks, home. IRS has
a convenient worksheet you may obtain by reference to their
web site, www.irs.gov I forget the publication number right
now.

- quote -

IRS will not address this issue outright, but it follows
that if all your records of asset purchases were lost during
the flood, the only "evidence" you have is your own
recollection. So don't be afraid to reconstruct as best
you can the costs, fair market values of items lost.

ChEAR$,
Harlan Lunsford, EA n 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. > << ================================================== ===== >

Like many in Louisiana, I lost almost all of my personal
properties to flood caused by hurricane Katrina. Flood
insurace paid off upto the insurance limit. According to
flood insurance reimbursement statement, amount above the
limit was not paid. I have significant amount of losses
that was not covered due to insurance limit.

1. Can I claim the unpaid amount as casulaty losses?

2. I had a long list of items (at least 100) that were lost
to flood that included sofa, persian rugs, heavy appliances
to little items like dresses, books and baby dolls! Do I
need to fill out form 4684 for each of those items? This
form asks questions like discription of the item, date
acquired, FMV before and after hurricane. Answers are
different for different items. Does this mean I have to
fill out 100 forms 100 items?

3. If I remember right, there was law that allowed
insurance (including flood insurance) companies to reimburse
personal property losses without demanding purchase
receipts. (Of course we had to take pictures of flooded
items , document them and submit the claim). I do not have
receipts of most of the items. Insurance paid off without
receipt. Turbotax recommends to keep purchase receipts of
each item claimed as casualty losses. Do I really need
those receipts? Should not insurance reimbursement
statement that shows amount claimed, amount qualified
(amount after depreciation/appreciation), amount paid, and
amount Not paid, be enough for IRS as record of casulty
losses?

<< ================================================== ===== > << 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. > << ================================================== ===== >