I lost my apartment in a fire last year, Can i claim that as a deduction on my taxes?

Question

March of 2006 i lost everything in an apartment fire, i didnt have any insurance, Think i could right that off? If so, How? thx!

Answer 1

Unreimbursed casualty losses are deductible as an itemized deduction. They are subject to a $100 + 10% AGI limitation. For example, if your AGI is $20,000.00, the lossed that exceed $2,100 are deductible. You must itemize deductions on Schedule A and have enough to make itemizing worthwhile to take the deduction.

Answer 2

You claim a casualty loss by using Form 4684 and transferring the loss to Schedule A.

First, take time to list everything that you lost, when you acquired it, what it cost you, and the value of the item when it was lost. This information is used on Form 4684 to figure your loss.

The amount of loss that can be claimed is limited to the loss, minus $100, minus 10% of your income. If your deductible loss turns out to be more than your income, you may be able to carryover to next year.

Answer 3

You probably can. There are a number of variables that have to be taken into consideration. All of the information and forms are in the "itemized deductions" section. Follow their rules and no problem. If you use TurboTax or any of the others they will also take you through the system.

Answer 4

No I believe you can't.
Unless you were using the apartment for the purpose of generating income you can't deduct it.
Otherwise everyone would not have insurance and do the same thing.
The whole purpose of insurance is to pay in case of a break-in or fire.

Answer 5

Yes, I believe so :-) :-D