We recently lost our house and contents to a fire. I'm trying to figure out the loss deduction and records or whatever I will have to have to be able to claim it on next years taxes...Could someone tell me where to start?Jean
Jean,Terribly sorry to hear about your loss. I hope you and your family are all well - if all that was lost were objects, then you were quite fortunate in that your tragedy was limited.In any event - to answer your question on where to start from a tax perspective, see:http://www.irs.gov/taxtopics/tc507.htmlBest of luck to you,-Chuck
Thanks, Chuck, I sorta understand about the loss stuff. I was trying to find out how to value the, let's say microwave...if I don't replace it.No one was hurt...no one was home.Jean
Jean,So sorry to hear about your house ! That must have been devastating ! You spent a lot of time late last year helping me understand percentages, interest rates, and compound interest here on the Fool. I will keep you in my thoughts as you go about rebuilding ! Take care !Pat
Hi, Pat, thanks for your thoughts. It's been a month now..well a month tomorrow, so we're beginning to get our lives back together.I'm hoping for some kind of figures like a per diem thingy. Actual costs or .14 per mile kind of thing for the loss of household goods...maybe it's not available. I know I'm having a hard time listing everything we had. I'm not going to replace all of it (had too much stuff) and need a cost of some kind for the stuff we're not replacing for the insurance...and then the IRS.Jean
[[I'm hoping for some kind of figures like a per diem thingy. Actual costs or .14 per mile kind of thing for the loss of household goods...maybe it's not available.]]First, so sorry to hear about the loss of your home. I'm not an expert so this may not be a good idea, but, you go to one of the web sites that shows thrift shop value of various items and that would give you a guide for the lowest valuation you should use then you could go up from there depending on the condition of you belongings before the fire.Choc
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