Return-Path: Sender: "Marvin Kaye" To: lml@lancaironline.net Date: Tue, 15 Mar 2005 00:32:04 -0500 Message-ID: X-Original-Return-Path: Received: from imo-m22.mx.aol.com ([64.12.137.3] verified) by logan.com (CommuniGate Pro SMTP 4.3c2) with ESMTP id 793820 for lml@lancaironline.net; Mon, 14 Mar 2005 22:05:55 -0500 Received-SPF: pass receiver=logan.com; client-ip=64.12.137.3; envelope-from=Tubamanflies@aol.com Received: from Tubamanflies@aol.com by imo-m22.mx.aol.com (mail_out_v37_r3.8.) id q.1a4.33b39874 (26116) for ; Mon, 14 Mar 2005 22:05:07 -0500 (EST) From: Tubamanflies@aol.com X-Original-Message-ID: <1a4.33b39874.2f67aae3@aol.com> X-Original-Date: Mon, 14 Mar 2005 22:05:07 EST Subject: Re: [LML] IRS Question X-Original-To: lml@lancaironline.net MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="-----------------------------1110855907" X-Mailer: 9.0 SE for Windows sub 5011 -------------------------------1110855907 Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit I have used casualty loss on other non aircraft losses. You can use either the cost of repair or the difference in value. It does not matter as long as you have documentation. Be carefull with repair cost, the deductable part cannot exceed the pre loss value. Finally there is the $100 reduction and the 10% AGI floor. You may not end up with any deduction. Good Luck Ray In a message dated 3/14/2005 7:05:13 PM Central Standard Time, n4sx@earthlink.net writes: 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_ (mailto:n4sx@earthlink.net) -------------------------------1110855907 Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: quoted-printable
I have used casualty loss on other non aircraft losses.  You = can=20 use either the cost of repair or the difference in value.  It does not=20 matter as long as you have documentation. 
 
Be carefull with repair cost, the deductable part cannot exceed th= e=20 pre loss value.
 
Finally there is the $100 reduction and the 10% AGI floor.  Y= ou=20 may not end up with any deduction. 
 
Good Luck
 
Ray 
 
In a message dated 3/14/2005 7:05:13 PM Central Standard Time,=20 n4sx@earthlink.net writes:
<= FONT=20 style=3D"BACKGROUND-COLOR: transparent" face=3DArial color=3D#000000 size= =3D2>
I had a prop strike a while ago, and I am treated=20= the=20 incident as a casualty loss on my tax return.  My accountant tells me= =20 that the IRS rule on such a casualty loss is that the loss is not the cost= of=20 repairs, but rather the difference in fair market value before and after t= he=20 incident.  Here are my questions:
 
1. Has anyone deducted a similar casualty loss?&nb= sp;=20 What did you use to calculate the loss?  Did the IRS buy it?
2. Does anyone know an "official" appraiser that c= ould=20 do a one for me?
 
Allan Scherr
LNC4 N4SX
 
 
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