Disaster Loss Casualty Income Tax Question

Disaster Loss Casualty Income Tax Question

Approximately what will we get back from a disaster declared of 40,000 having lost our home?

Do I Have a Loss Here?

by Charlotte
(Ware, MA usa)

I sold a large collection of compact disks at a loss. Is that loss a deduction on my taxes. My accountant added what I got for selling them to my income.

Also. I split what I sold them for between my 2 daughters. Is that considered a loss for me?

Thanks
Charlotte

Forex Losses

Forex losses. Can they be treated as regular losses or do they get put in a different category ie. capital loss. A capital loss is only deductible against capital gain. In tax year I have lost money trading the Forex market .

Insolvency

I have a question about insolvency. Do I have to file a tax return if I am insolvent?

Thank you for your insolvency question. If you are required to file a tax return based on the amount of income you made, and you had canceled debt that you would like to exclude due to insolvency then you will need to file a tax return.

To show that you are excluding canceled debt from income under the insolvency exclusion, you would attach Form 982 to your federal income tax return and check the box on line 1b. On line 2, include the smaller of the amount of the debt canceled or the amount by which you were insolvent immediately before the cancellation.

Loss/House Fire

Jan of 2010 had a house fire. Estimate on house was around $121000, contents was around $72000... Insurance company paid us $5000 back in Jan of 2010 to get started. Since then, they have now denied our claim. They have not asked for any money back that they have paid out. Now, my attorney has to sue them for our loss. Question is, can I still file this loss on my 2010 taxes under casualty and loss?

Loss in Sharemarket

by PRADEEP
(NEW DELHI)

My wife has invested 147000 in the year 2010 in sharemarket. Now the balance is about 7000. How do she file incometax return and whether there is any chance of compensation.

Lost My Job

If I claimed four on my w4 form and my wife was one of my exemptions, but I lost my job seven months into the year then my wife started working can she then claim four since I no longer work and we'll file jointly?

Loss on a Sale of a House

by Carol Sullivan
(Joseph, OR, USA)

I purchased my home in 2007 for $292,000 and am selling it now 2011 for $250,000. Can I claim any part of that $42,000 loss?

Loss or Not

by Debra
(CA)

Started home business billed customer for $ 3000.00 for hours worked. customer paid $1000.00 and is unable to pay the balance. Do I write off the $2000.00 by creating a bad debt deposit in Quickbooks thus creating a $1000.00 loss or do I claim the $1000.00 as income.

Loss or Not?

by Covimom

I am having a major brain fart here.
Self employed billed customer 3000.00 for hours worked (labor only) customer paid 1000.00 and will not be able to pay the balance of 2000.00 : is this or is this not a 1000.00 loss? by writing off as a bad debt.

When I run it through quick books it shows I have a $1000.00 profit for the year..

Lost Taxes

by Juan
(USA Minnesota)

I filed my income tax in march and received my state but have not received my federal. They say that it was deposited to an account that i don't even know whose it is...can they still send me a check through mail?

Passive Active Loss For PTP

by Dan
(stillwater, mn, usa)

If I have a loss on line 1 and line 10 of a schedule k-1 (form 1065) with PTP selected, what forms do I have to file with the IRS to capture and/or report the loss.

THanks, Dan

Rental Losses And SSD

by Mac
(Gainesville, GA)

I have had rental units for app 30 years, and have shown losses for the past 3 years on 3 of my units. I have been totally disabled for 5 yrs. and on ssd.

If I sell these 3 units, the depreciation left is far greater than the sales price, but what happens to my past years of losses, now that I have only a disability income?

Stocks Gains/Lost

by Valentine
(Atlanta)

If Lost 120,000 dollars last year, then made 160,000 this year..what kind of taxes do I have to pay for this tax year?

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