lml@lancaironline.net Mailing List Archive

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 -----

From: Metcalfe, Lee, AIR

To: Lancair Mailing List

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