Today TaxMama® hears from Robert in the TaxQuips Forum, who has this tale of woe. “My car was parked in front of the house and was hit by a hit and run driver. The car had about $10k in damage that my insurance took care of. I had a professional report done where they took […]
Tag Archives: Form 4684
Today TaxMama hears from Elizabeth in the TaxQuips Forum, with a sad problem. “Can a loss on deposits be deducted on Schedule A or form 4684? I researched the IRS website and it is allowable.https://lightsailed.com/homeschool/wp-content/languages/new/writers-help.html But what if the amount is more than ,000 for the entire loss?https://lightsailed.com/homeschool/wp-content/languages/new/website-that-writes-essays.html Can you deduct $20,000 each year until […]
Today we hear from Don in Idaho who’d like to know, “Are the expenses paid out to repair damage caused by a mudslide deductible? The repairs include fixing the damage to the house, yard and the cost of a massive retaining wall to prevent a like event from recurring.”
Today TaxMama hears from the Mike in Florida, who tells us, “We received an assessment from our condo association. This assessment was to repair damage caused by hurricane Wilma when it hit Florida. Can we report this assessment as a casualty loss on our tax return? If we can, what schedules should we use to […]