Casualty Gain From Fire Income Tax Question

Casualty Gain From Fire Income Tax Question

Lost some equipment in a fire. Insurance paid the replacement cost of the item, which resulted in a gain, and the item lost still had depreciation value.

I seem to be lead in a circle while trying to fill out the forms.

I start with the 1120S, which takes me to the 4684, which takes me to the 4797, which takes me to the Schedule D and on and on.

Maybe I started wrong to begin with.

Please any help will be greatly appreciated. Thanks

Casualty Loss

by James
(Amherst, Virginia)

I own a small farm and file a 1040 and a schedule F for my farm. The only way to egress and ingress my farm and personal residence is over a bridge that crosses a stream on my property. During late December 2009 and early Jan. 2010 a winter storm destroyed the bridge. The President declared a major disaster for Virginia which included where I live. The insurance company refused to pay for the repairs. Can I claim the loss of the bridge as a casualty loss? Can I claim part of the loss on my sch. F and part of the loss as personal on sch. A? Do I use the replacement cost for the bridge or the value when originally constructed? Can I claim the loss on my 2010 tax return?

Fire Casualty Claim

by Amanda
(Gettysburg, PA)

My parents' home was destroyed by fire in 2010. They claimed the max loss they were allowed to claim last year, and still had 47000$ worth of loss this year and they were told they can't. Is that true?

Is this property damage deductible as a casualty loss?

This will be one of your weirder questions. :-) We have a 5-acre property; the main water line runs from the road back to the house, about 800 feet away.

We have a lot of bedrock here and had a 1,000 year flood last year, which shifted the berocks/soil. This year the water pipe broke under the pressure, $6000 to install a new line. Is that deductible? Insurance won't cover it.

Surface Damage From Oil Well Drilled

An oilwell was drilled on our property. We do not have royalty rights but were paid surface damages since they took up part of our land. We received a 1099 for Rentals from the land leasing company. Do we have to pay taxes on this money since it was actual damage to our property they were paying for?

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