Today TaxMama hears from Penny in Kansas who asks. “If a gas station owner is forced by the government to sell part of his property so a street can be widened, is that considered involuntary conversion? Eminent domain? Do you know how this situation should be treated tax-wise?”
Search Results for: disaster
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 […]
Today TaxMama hears from Dallas in, where else – Texas, who relates, “When I have problems, I have big ones. The other day it rained 6” and it flooded my shop. And of course I had all of last year’s invoices and receipts in a box on the floor. Over half of them are unreadable. […]
With the news being filled with Hurricane Katrina, this seems to be a good time to address the upcoming corporate tax filing deadlines. Many people are totally displaced from their homes and businesses. Odds are, that they won’t even be able to return to get their records for months. That is – if the records […]