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Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 3 Issue 99 February 9, 2001
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 3 Issue 99 February 9, 2001 |
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From: Milford, MA A bird flew through our bay window. The insurance company said they would not cover the loss. I spoke with 3 different window repair outfits and was told that it could not be repaired but needed to be replaced. The replacement window was $7000.00 can I take this as a casualty loss? If so, how do I figure the loss for tax purposes? Ed  The rules for personal casualty losses are a bit complicated. Often, by the time you get done with the computation, there's not much left to deduct. There's an explanation of how it works here <click to see>, where someone asked a similar question about a truck. Also, please remember, you can always search TaxMama's site to get answers to your questions. There's lots of information already here... in our search.. That's how I found this explanation <g> Best wishes, Eva Rosenberg |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2003 - Eva Rosenberg |
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