* The deduction for an individual's personal casualty loss
of property not connected with (1) a trade or business or (2) a transaction entered into for profit arising after Dec.
Through its restoration business, the company provides restoration and construction services for commercial, industrial, marine, residential and institutional properties that have suffered catastrophic or other casualty loss
as a result of, among other man-made and natural disasters, fires, earthquakes and hurricanes.
At a press conference, Bureau of Internal Revenue (BIR) Commissioner Kim Henares said establishment owners must meet certain conditions to be able to avail of casualty loss
reserves also are subject to continuing pressure from medical inflation and potential adverse litigation trends."
Among them, the casualty loss
is only deductible if it exceeds 10 percent of the individual's adjusted gross income."
It is possible that at that point the IRS's appetite for aggressive property/ casualty loss
reserve audits will begin to diminish.
Taxpayers must take consistent positions in defining a unit of property under the proposed tangibles regulations and under the casualty loss
rules of section 165.
The Greens then claimed a casualty loss
on their tax return for the judgment they couldn't recover.
VITA and TCE volunteers are generally not trained to compute Casualty Loss
deductions or to complete amended returns for prior years.
A casualty loss
is defined as damage, destruction, or loss of property (real or personal) resulting from a qualified identifiable event, such as a hurricane, flood, or earthquake.
For some people, the word "disaster" evokes visions of horrific destruction, while others--like us--think "casualty loss
deductions." However, be cautious: In some situations, payments on replacement insurance and significantly high-content coverage can lead to taxable gains if they exceed the taxpayer's basis in the damaged property.
Gain better insight from your property and casualty loss