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#4
03-29-2008, 05:07 AM
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 Re: Is personal liability insurance deductible? On Mar 29, 12:20*pm, "removeps-gro...[at]yahoo.com" <removeps- gro...[at]yahoo.com> wrote: - quote - > On Mar 26, 11:44 am, way...[at]gmail.com wrote:
insurance, even though it does not cover anything we do outside the> > However, I divide the cost by the number of properties I have > > including mypersonalresidence, so I am not deducting the portion > > that covers mypersonalresidence. > Will you use as the ratio the number of personal properties to the > total number of properties, or square footage of personal properties > to total square footage of all properties? > -- > << ------------------------------------------------------- > > << 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 atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > We are out of the country for a couple years, but kept our liability country. We do have two rentals in the U.S., and that policy would cover anything that might happen in connection with them, no? So, 100% of the policy? ========================================= MODERATOR'S COMMENT: Please delete all unnecessary material from the prior message when responding. -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#3
03-29-2008, 12:20 AM
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| Re: Is personal liability insurance deductible? On Mar 26, 11:44 am, way...[at]gmail.com wrote: - quote - > However, I divide the cost by the number of properties I have
Will you use as the ratio the number of personal properties to the> including mypersonalresidence, so I am not deducting the portion > that covers mypersonalresidence. total number of properties, or square footage of personal properties to total square footage of all properties? -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
03-27-2008, 12:08 PM
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| Re: Is personal liability insurance deductible? way111[at]gmail.com posted: - quote - > <snip> My umbrella policy covers claims that may
Your approach seems perfectly reasonable.> arise from incidents that happen on my rental > properties. So I've always taken the position > that since it provides insurance on the rentals, > it is deductible. > However, I divide the cost by the number of > properties I have including my personal > residence, so I am not deducting the portion > that covers my personal residence. Bill -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
03-26-2008, 05:44 PM
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| Re: Is personal liability insurance deductible? On Mar 26, 9:58 am, an_ordinary_guy_...[at]hotmail.com (Bill) wrote: - quote - > nickr...[at]gmail.com (nickra...[at]gmail.com) asked whether the subject was
My umbrella policy covers claims that may arise from incidents that> deductible: > > if you are a landlord? > IMO, no! Property insurance specific to the unit being rented would be > deductible, and such a policy might include a "comprehensive" clause > which could include liability coverage ... but the usual personal > liability "umbrella" coverage is purchased for one's personal or family > protection, and would not therefore be properly charged to the rental > property. > Bill happen on my rental properties. So I've always taken the position that since it provides insurance on the rentals, it is deductible. However, I divide the cost by the number of properties I have including my personal residence, so I am not deducting the portion that covers my personal residence. -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-26-2008, 12:58 PM
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| Re: Is personal liability insurance deductible? nickravo[at]gmail.com (nickravo1[at]gmail.com) asked whether the subject was deductible: - quote - > if you are a landlord?
IMO, no! Property insurance specific to the unit being rented would bedeductible, and such a policy might include a "comprehensive" clause which could include liability coverage ... but the usual personal liability "umbrella" coverage is purchased for one's personal or family protection, and would not therefore be properly charged to the rental property. Bill -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-26-2008, 10:04 AM
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| Is personal liability insurance deductible? if you are a landlord? ========================================= MODERATOR'S COMMENT: - please include the question in the body of the post -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| deductible, insurance, liability, personal |
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