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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
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