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