United America Indemnity, Ltd. Reports Second Quarter 2008 Results Jul 29, 2008
-- Casualty loss ratio - Increased 2 ... -- Casualty loss ratio - Increased 2. (PR Newswire)
Federal housing bill contains Road Home tax relief Jul 24, 2008
Thousands have paid increased taxes because they received Road Home grants of up to $150,000 while also claiming casualty losses from hurricanes Katrina or Rita in 2005 ... The agency required people who received a grant and took a casualty loss deduction to add the value of the deduction to their 2007 tax returns as taxable income ... A provision added to a federal housing package -- which could become law as early as this week -- will allow taxpayers to amend their 2005 tax returns to remove... (WWLTV.com, LA)
Senate passes housing crisis relief Apr 11, 2008
Tacked onto the Senate bill was a $1 billion tax break for Gulf Coast residents who took a casualty loss on their 2005 taxes because of hurricane damage. The measure would allow them to receive federal rebuilding grants without paying higher taxes as long as they repaid the IRS for the previous tax break along with one year of interest. (Nola.com -- Sports)
Senate Aims for Midweek Vote on Housing Bill Apr 7, 2008
State " Zip: Email: 12 ISSUES FOR $12.00 71% OFF! 24 ISSUES FOR $18.00 79% OFF! 36 ISSUES FOR $24.00 Best Deal! Print Send (Updated with cloture filed.) By Martin Vaughan Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Senate Majority Leader Harry Reid, D-Nev., on Friday moved to end debate on legislation to help homeowners and businesses buffeted by home-mortgage woes, setting up a key procedural vote Tuesday. Reid filed for cloture on the bill Friday morning, setting up a vote at 2:15 p.m.... (SmartMoney)
Group offers free tax preparation for low income residents Mar 1, 2008
Returns with farm income that require the use of Schedule F, the sale of stock or mutual funds or a casualty loss (Form 4797) cannot be processed. But eligible returns may include itemized deductions (Schedule A), interest or dividends (Schedule B), Dependent Care Expenses (Form 2441) and unemployment or Social Security benefits. (Keokuk Daily Gate City, IO)
Grants don't mix with tax rebates Feb 16, 2008
According to the IRS, homeowners who took a casualty deduction for their Hurricane Katrina losses and later receive a Road Home grant will have to count the grant as taxable income, at least up to the amount claimed as a casualty loss. CONTINUED 1. (Nola.com -- Sports)
Sports • Augusta team is reborn as Colts Nov 7, 2007
() Professional Loss Control Consultants Alexander dt is seeking part time independent consultants with at least 3-5 years experience conducting commercial property and casualty loss control s.. () Athens Top Jobs Athens Heritage Home is accepting applications for *RN 3-11pm FT *CNA 11-7 FT * CNA's every weekend and every other weekend Please apply within, Athens Heritage Home 960 Hawthorne Ave Athens Georg. (The Augusta Chronicle)
Fire loss can affect income taxes Nov 4, 2007
Whatever it is that you have lost will be considered a casualty loss and may result in a tax deduction ... Obviously, overcoming these various thresholds stops most people from claiming a casualty loss unless it is significant ... Once you determine that you do have a deductible casualty loss as a result of the recent fires, you have a choice. (North County Times)
Help available in taxing times after the fires Nov 1, 2007
Both the IRS and the state also will allow disaster-related casualty losses to be deducted on this year's tax return or on an amended 2006 return. The catch is, it can be hard to qualify for the casualty loss deduction. (Los Angeles Times)
SoCal Wildfire Victims Get Tax Relief Oct 31, 2007
Affected taxpayers in a presidentially declared disaster area also have the option of claiming disaster-related casualty losses on their federal income tax return for either this year (filed next year) or last year, by filing an amended return. explains how to figure a casualty loss deduction ... California's , charged with administering state personal income tax and other levies, also offers the option of filing an amended return for casualty losses or including the loss in this year's tax... (RealtyTimes)
California Fire Victims Obtain Fast Housing, Disaster Assistance Oct 30, 2007
Likewise tax professionals can explain casualty loss write-offs and extended tax filing periods related to a declared disaster in which homes are destroyed or damaged. Published: October 30, 2007. (RealtyTimes)
Personal issues not legal grounds for breaking lease Aug 27, 2007
Of course, the magnitude of your casualty loss in dollars and the jurisdictional limit for small claims may be the deciding factor of whether small claims (with its nominal cost and swift results) is preferable or you need to gear up for a long and expensive battle. Send questions to Rental Roundtable, 5703 Oberlin Drive, Suite 300, San Diego, CA 92121-1743, or by e-mail to. (San Francisco Chronicle)
Beacon Power Announces Second Quarter 2007 Results Aug 9, 2007
BEACON POWER CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months ended June Six months ended June 30, 30, --------------------------- ------------------------- 2007 2006 2007 2006 ------------ -------------- ------------ ------------ Revenue $ 449,328 $ 209,439 $ 842,034 $ 498,034 Cost of goods sold 419,544 206,418 811,790 451,343 ------------ -------------- ------------ ------------ Gross profit 29,784 3,021 30,244 46,691 Operating expenses: Selling,... (Yahoo! Wire -- Entertainment News)
Crime May Not Pay, But It's A Tax Deduction Jun 24, 2007
derstand that individuals can, via IRS section 165, claim tax deductions for stock fraud or theft. Are there any such exemptions applicable to those. (New York Post -- Business)
Are we prepared for hurricane season? Jun 7, 2007
This will be helpful later if you need to prove the market value of items for insurance and casualty loss claims. Check on Fiduciary Bonds: Employers who use payroll service providers should ask the provider if they have a fiduciary bond in place. (Demopolis Times, AL)
IRS grants extensions to flood victims May 4, 2007
Affected taxpayers in a presidentially declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year ... Individuals may deduct personal property losses that are not covered by insurance or other reimbursements, but they must first subtract $100 for each casualty event and then subtract ten percent of their adjusted gross income from their total casualty losses for the year ... For details on figuring a... (Seacoast New Hampshire)
Your tax questions answered Apr 17, 2007
QUESTION 2: If a recreational, non-income producing property (vacation home) that is owned by three unrelated people suffers an uninsured casualty loss, such as a fire, is one owner allowed to take the whole loss deduction rather than splitting it up and each subtracting 10 percent of their AGI from the deduction ... If there is no joint venture or partnership agreement, I believe there is no way one party can claim the entire loss since the casualty loss is the difference between the value of... (Newsday -- New York City)
Hurricane entitles you to casualty loss Mar 18, 2007
A: When the hurricanes struck in 2004 and destroyed the mobile home, you were entitled to a casualty loss. In that process, you would have removed the mobile home at a loss. (Orlando Sentinel -- Business)
TODAY'S QUESTION: Can I deduct the insurance deductible I paid to get my roof shingles replaced after hurricane Wilma? The damage occurred in 2005 and the roof was repaired in 2006. Mar 12, 2007
In general, you should deduct the unreimbursed casualty losses in the year of the casualty (in this case, 2005). However, if you were unsure as to the amount of the casualty loss that would be reimbursed in the year of the casualty, the IRS allows you to deduct the casualty loss in the tax year when you become reasonably certain that the amount deducted will not be reimbursed (in this case, 2006) ... In addition, the general rule is that non-business casualty losses are deductible to the extent... (USA Today -- Money)
Rotarians learn of new tax filing plan ... Improving team dynamics ... SPD updates fatality accident ... A message from SPD Chief Abrahams ... ';var marqueewidth="350px";var marqueeheight="20px";var marqueebgcolor="#FFFFFF";////NO NEED TO EDIT BELOW THIS LINE////////////var pauseit=1;var marqueespeed=1 //slow speed down by 1 for NSvar copyspeed=marqueespeedvar pausespeed=(pauseit==0)? copyspeed: 0var iedom=document.all||document.getElementByIdif (iedom)document.write(''+marqueecontent+'')var actualwidth=''var cross_marquee, ns_marqueefunction populate(){if (iedom){cross_marquee=document.getElementById? document.getElementById("iemarquee") : document.all.iemarqueecross_marquee.style.left=parseInt(marqueewidth)+8+"px"cross_marquee.innerHTML=marqueecontentactualwidth=document.all? temp.offsetWidth : document.getElementById("temp").offsetWidth}else if (document.layers){ns_marquee=document.ns_marquee.document.ns_marquee2ns_marquee.left=parseInt(marqueewidth)+8ns_marquee.document.write(marqueecontent)ns_marquee.document.close()actualwidth=ns_marquee.document.width}lefttime=setInterval("scrollmarquee()",20)}window.onload=populate;function scrollmarquee(){if (iedom){if (parseInt(cross_marquee.style.left)>(actualwidth*(-1)+8))cross_marquee.style.left=parseInt(cross_marquee.style.left)-copyspeed+"px"elsecross_marquee.style.left=parseInt(marqueewidth)+8+"px"}else if (document.layers){if (ns_marquee.left>(actualwidth*(-1)+8))ns_marquee.left-=copyspeedelsens_marquee.left=parseInt(marqueewidth)+8}}if (iedom||document.layers){with (document){document.write('')if (iedom){write('')write('')write('')write('')}else if (document.layers){write('')write('')write('')}document.write('')}}Thursday, March 01, 2007 Pictured are Program Chairman Jareth Navaare, Accountant Daphne Clark, and Rotary President Mike Carrier. Photo by Victoria Hartley Rotarians learn of new tax filing plan Mar 1, 2007
Due to the widespread devastation from the 2005 hurricanes, it has been difficult for individuals to determine the amount of casualty loss of their damaged, destroyed, or stolen property. The Safe Harbor plan, which was designed by the Internal Revenue Service, is available to residents whose homes were damaged by Hurricane Rita. (Sulphur Southwest Daily News, LA)
Home purchase offers tax breaks Feb 26, 2007
On the other hand, if the vehicle was destroyed, you may be eligible for a casualty loss deduction. This loss is calculated as the lesser of the adjusted basis of the property destroyed or the decrease in the Fair Market Value (FMV) due to the casualty loss. (SunSpot.net)
Has a Montgomery Business Been Unfairly Targeted by the IRS or Is it a Scam? Jan 15, 2007
" In other allegations presented in the affidavit, Wilson says that in December an IRS agent conducted an audit of a taxpayer's 2005 Form 1040 and determined that the "return included a false filing status, a fictitious casualty losses, a false Schedule C and improper deductions for non-existent home mortgage interest and unreimbursed employee expenses ... " The IRS according to the court document then advised Chappell that the taxpayer "had already admitted that he did not have a Schedule C... (WSJA.com, AL)
