Return-Path: Sender: "Marvin Kaye" To: lml@lancaironline.net Date: Tue, 15 Mar 2005 10:47:02 -0500 Message-ID: X-Original-Return-Path: Received: from pop-a065c10.pas.sa.earthlink.net ([207.217.121.184] verified) by logan.com (CommuniGate Pro SMTP 4.3c2) with ESMTP id 794381 for lml@lancaironline.net; Tue, 15 Mar 2005 10:14:59 -0500 Received-SPF: pass receiver=logan.com; client-ip=207.217.121.184; envelope-from=n4sx@earthlink.net Received: from user-12lcqj1.cable.mindspring.com ([69.86.106.97] helo=ALS021224) by pop-a065c10.pas.sa.earthlink.net with smtp (Exim 3.33 #1) id 1DBDkN-0004H6-00 for lml@lancaironline.net; Tue, 15 Mar 2005 07:14:15 -0800 X-Original-Message-ID: <03cd01c52971$a5f8dac0$2302a8c0@ALS021224> Reply-To: "Allan Scherr" From: "Allan Scherr" X-Original-To: "Lancair Mailing List" References: Subject: Re: [LML] Re: IRS Question X-Original-Date: Tue, 15 Mar 2005 10:14:13 -0500 MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_NextPart_000_03CA_01C52947.BC7C5990" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 6.00.2900.2180 X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_03CA_01C52947.BC7C5990 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Thanks for the input. I should have made my question clearer. I am = self insured for damage. My tax attorney says that the IRS generally = wants value before and after the incident rather than repair costs as = the basis for the loss. In your case, you were obviously more than = reimbursed. In my case, the repairs were over $20K out of pocket. Thanks, Allan ----- Original Message -----=20 From: Metcalfe, Lee, AIR=20 To: Lancair Mailing List=20 Sent: Tuesday, March 15, 2005 9:51 AM Subject: [LML] Re: IRS Question Allan: I looked into this exact issue when I had my prop strike. A tax = attorney friend of mine, who is also an RV builder/flyer, told me that = since the insurance company had my engine rebuilt and bought me a new = prop, my plane was actually worth more after the accident. I was only = out of pocket the $250 deductible, so it wasn't worth mentioning to the = tax Gestapo. Lee Metcalfe N320WH - Kansas City ------=_NextPart_000_03CA_01C52947.BC7C5990 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Thanks for the input.  I should have made = my question=20 clearer.  I am self insured for damage.  My tax attorney says = that the=20 IRS generally wants value before and after the incident rather than = repair costs=20 as the basis for the loss.  In your case, you were obviously more = than=20 reimbursed.  In my case, the repairs were over $20K out of=20 pocket.
 
Thanks,
Allan
----- Original Message -----
From:=20 Metcalfe, Lee, AIR
Sent: Tuesday, March 15, 2005 = 9:51=20 AM
Subject: [LML] Re: IRS = Question

Allan:
 
I=20 looked into this exact issue when I had my prop strike.  A tax = attorney=20 friend of mine, who is also an RV builder/flyer, told me that since = the=20 insurance company had my engine rebuilt and bought me a new prop, my = plane was=20 actually worth more after the accident.  I was only out of pocket = the=20 $250 deductible, so it wasn't worth mentioning to the tax=20 Gestapo.
 
Lee=20 Metcalfe
N320WH=20 - Kansas City
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