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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Fire loss Date: 4/16/2004 7:03 AM
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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
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Author: babyfrog Big red star, 1000 posts Old School Fool Home Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 71459 of 121095
Subject: Re: Fire loss Date: 4/16/2004 7:56 AM
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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.html

Best of luck to you,
-Chuck

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 71460 of 121095
Subject: Re: Fire loss Date: 4/16/2004 9:12 AM
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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

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Author: patart One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 71463 of 121095
Subject: Re: Fire loss Date: 4/16/2004 11:02 AM
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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

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 71466 of 121095
Subject: Re: Fire loss Date: 4/16/2004 11:28 AM
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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

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Author: ccschafer150 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 71474 of 121095
Subject: Re: Fire loss Date: 4/16/2004 6:08 PM
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[[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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