Return-Path: Sender: "Marvin Kaye" To: lml@lancaironline.net Date: Mon, 14 Mar 2005 19:59:59 -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 793565 for lml@lancaironline.net; Mon, 14 Mar 2005 19:41:49 -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 1DB07L-0006pS-00 for lml@lancaironline.net; Mon, 14 Mar 2005 16:41:03 -0800 X-Original-Message-ID: <034b01c528f7$aa3fd3b0$2302a8c0@ALS021224> Reply-To: "Allan Scherr" From: "Allan Scherr" X-Original-To: "Lancair Mailing List" Subject: IRS Question X-Original-Date: Mon, 14 Mar 2005 19:41:00 -0500 MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_NextPart_000_0348_01C528CD.BFE5C3C0" 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_0348_01C528CD.BFE5C3C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable I had a prop strike a while ago, and I am treated the incident as a = casualty loss on my tax return. My accountant tells me that the IRS = rule on such a casualty loss is that the loss is not the cost of = repairs, but rather the difference in fair market value before and after = the incident. Here are my questions: 1. Has anyone deducted a similar casualty loss? What did you use to = calculate the loss? Did the IRS buy it? 2. Does anyone know an "official" appraiser that could do a one for me? Allan Scherr LNC4 N4SX n4sx@earthlink.net ------=_NextPart_000_0348_01C528CD.BFE5C3C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable

I had a prop strike a while ago, and I am = treated the=20 incident as a casualty loss on my tax return. My accountant tells = me that=20 the IRS rule on such a casualty loss is that the loss is not the cost of = repairs, but rather the difference in fair market value before and after = the=20 incident. Here are my questions:

1. Has anyone deducted a similar casualty = loss? What=20 did you use to calculate the loss? Did the IRS buy = it?

2. Does anyone know an "official" appraiser that = could do=20 a one for me?

Allan Scherr

LNC4 N4SX

n4sx@earthlink.net

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