I am in litigation and the DA is investigating. This happened in February of 2006. Can I claim this as a loss on my income taxes?
2007-02-02 13:11:45 · 4 answers · asked by liliarose7 1 in Business & Finance ➔ Taxes ➔ United States
If you have already claimed the house as an asset, you should be able to get some tax break for the loss of that asset. I would get myself a really good accountant who is familiar with trusts and the taxes involved.
2007-02-02 13:16:29 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You should consult a more experienced tax person. You can call the IRS casualty and loss department. Normally, the IRS allows casualty and theft to be written off on Schedule A, but you have a complicated situation with "higher" limits that may not qualify. You're going to want to go to your local IRS office, not H&R, not Jackson-Hewitt and not Liberty Tax Service. Possibly an attorney who deals with estates could guide you as well.
2007-02-02 13:18:55 · answer #2 · answered by capeal 2 · 2⤊ 0⤋
Possibly , ask the IRS, but remember, if you claim it as a loss, then recover it in litigation, you will have to report it as income when you get it back.
http://www.irs.gov/
2007-02-02 13:24:47 · answer #3 · answered by kate 7 · 1⤊ 0⤋
The District Attorney should be able to tell you that.
2007-02-02 13:20:57 · answer #4 · answered by Stimpy 7 · 0⤊ 1⤋