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#1
11-27-2006, 12:08 PM
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 Re: Theft Loss Harlan Lunsford wrote: - quote - > Jack Stoneham wrote:
And to make that pill a little more bitter, it's actually> > I have a large documented theft loss for 2005. I did not > > take it because I waiting for the insurance proceeds. So > > I have to file an amended return. > If the insurance company will reimburse you, although slow > at best, just wait. No need to deduct a loss and have to > report the reimbursements later as income. > > Since it was a classic car, can take it as a capital loss so > > I don't have to take off the 10% of AGI. > I'm under the impression this was a personal asset and not > one held for investment; right? So it's subject to the > theft loss provision, i.e. the 10% shave. 10% of AGI + $100. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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11-26-2006, 03:13 PM
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| Re: Theft Loss Jack Stoneham wrote: - quote - > I have a large documented theft loss for 2005. I did not
If the insurance company will reimburse you, although slow> take it because I waiting for the insurance proceeds. So > I have to file an amended return. at best, just wait. No need to deduct a loss and have to report the reimbursements later as income. - quote - > Since it was a classic car, can take it as a capital loss so
I'm under the impression this was a personal asset and not> I don't have to take off the 10% of AGI. one held for investment; right? So it's subject to the theft loss provision, i.e. the 10% shave. ChEAR$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
11-25-2006, 03:34 AM
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| Theft Loss I have a large documented theft loss for 2005. I did not take it because I waiting for the insurance proceeds. So I have to file an amended return. Since it was a classic car, can take it as a capital loss so I don't have to take off the 10% of AGI. Jack << ================================================== ===== > << The above is intended for educational purposes only. > << It does NOT constitute legal OR professional advice. > << It cannot be used by any taxpayer, for the purpose of > << the purpose of avoiding penalties that may be imposed > << upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| loss, theft |
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