Casualty and Theft Losses
Now can anyone explain the paragraph below?
Quote:
If your property is covered by insurance, file a timely insurance claim for reimbursement of the loss. Otherwise you cannot deduct this loss as a casualty or theft. This does not apply to the portion of the loss not covered by insurance. |
I thought it would be the opposite than what is stated here.
I had this happen to me during Hurricane Rita. The Irs wants to
I had this happen to me during Hurricane Rita. The Irs wants to know if you were reimbursed by a disaster recovery agency or insurance. I believe that they let you claim the difference between stated value vs insurance. I had damages of about 35K,after insurance I was allowed to clain about 12K.
Thanks for helping me understand this cajunbulldog. So the po
Thanks for helping me understand this cajunbulldog.
So the portion of loss that is not covered in the insurance is tax deductible right? But the quoted text in my first post is saying something different or it's me who does not understand it correctly.
There's two sentences. The first sounds like it is saying if yo
There's two sentences. The first sounds like it is saying if you have insurance but don't file a claim, then you can't claim your loss as a deduction. However, if you do file a claim, then you can deduct your net loss (total loss less insurance proceeds).
