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Financial Planning / Tax Strategies


Subject:  Re: Damages Date:  11/11/2002  2:57 PM
Author:  Bob78164 Number:  62008 of 127637

MarleysGhost writes:

I don't believe the $100,000 would be reportable. It would reduce or eliminate your ability to claim a casualty deduction of Schedule A for the damages.

I reply:

I agree with this answer as long as Yikes51 didn't claim the casualty deduction in an earlier year. However, if he or she did, then the money (I don't know whether it would be before or after attorney's fees) is includible in income as a recovery. --Bob
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