A taxpayer is entitled to a casualty loss deduction for a vehicle he wrecked while driving drunk, the U.S. Tax Court has ruled in vacating a $6,230 income tax deficiency assessment. The taxpayer claimed a $33,629 casualty loss deduction for damage sustained by his pickup truck in a rollover accident in California. The taxpayer was cited for drunk driving in connection with the wreck, which occurred after he had been driven home from a party and took his truck to visit his parents.
A business need not file an insurance claim to claim a section 165 casualty loss tax deduction. This was borne out in Tax Court cases such as Hills and Miller. Congress specified , in the Tax Reform Act of 1986, that individual taxpayers must file an insurance claim in order to claim a casualty loss but ignored requirements for businesses. For business, the costs derived from filing an insurance claim may be greater than the tax savings achieved by not filing one.
With tax day just five days away, the U.S. Senate has passed a provision that would exempt Road Home grants from taxes. But the House has yet to approve it. Under current law, homeowners who took a casualty loss deduction on their 2005 federal tax returns must pay income tax on any additional rebuilding grants, such as Road Home awards. Road Home recipients are concerned that their awards, which can reach $150,000 each, will push them into a higher tax bracket.
... was entitled to a $5,000 moving expense deduction and a $36,250 casualty loss deduction for his 2005...
Decisions of the United Nations Administrative Tribunal Judgement No. 814 (25 July 1997): Monteleone-Gilfillian v. the Secretary-General of the United Nations Non-promotion to P-3—Absence of an updated performance evaluation report was a violation of due process—Duty of Respondent to act with reasonable promptness to the Panel on Discrimination reports—Question of discrimination—Importance of fair treatment of staff members Judgement No. 841 (1 August 1997): Guest and Slatford v. the Secretary-General of the United Nations Termination due to abolition of posts—Question of a promise creating a legal obligation—Did the Organization use its best efforts to reassign staff members?—Question of the staff members' acting in reliance upon a promise—Issue of the Organization dischar...
... to United Nations of tax refund due to a casualty loss deduction from the United States Internal Rev...
Sen. Mary Landrieu, D-New Orleans, today introduced legislation in the Senate to protect homeowners from federal taxation on rebuilding grants received under Louisiana's Road Home program. Homeowners who claimed a casualty loss deduction on their 2005 federal income tax return have been required to pay the money back to the IRS after receiving a rebuilding grant. The bill aims to eliminate that requirement. Congress had passed legislation immediately following the hurricanes easing restrictions on the rules for such deductions.
... loss of $26,390 and a casualty loss deduction of 523,188. The IRS issued Alphonso a notice of de...
...If you suffered a loss of property due to the storms in a county included... Taxpayers are generally allowed a deduction in calculating their federal income tax liability for casualty losses suffered in storms regardless of whether th...
... If you suffered an uninsured or underinsured loss of property due to the March 2, 2012 storms in a c... Taxpayers are generally allowed a deduction in calculating their federal income tax liability for casualty losses suffered in storms regardless of whether th...
...If you suffered a loss of property due to the storms in a county included...Taxpayers are generally allowed a deduction in calculating their federal income tax liability for casualty losses suffered in storms regardless of whether th...
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