Other Casualty Losses May Be Tax Deductible
Sylvia Porter discusses casualty loss deductions for individuals and families, noting that losses from fires floods or accidents may be deductible when caused events affect a person or child. The column explains limits on deducting expenses such as damages to others cars or legal fees and cites a 1971 tax court stance on vehicle losses and ownership implications.
MENTIONED IN THIS ARTICLE
Sylvia Porter
New York
Jeff
Cary
Casualty Loss Deductions and Insurance Reimbursements
The tax discussion centers on whether repair costs set a ceiling on casualty losses or whether the actual drop in value can exceed repair costs. The Fifth Circuit favored allowing the larger deduction, while insurance concerns deter some from claiming smaller losses. Some judges disagree on whether unreimbursed losses are deductible when insurance is involved. A final note: even minor damages can qualify as casualty losses.
MENTIONED IN THIS ARTICLE
Treasury
Tax Court
Fifth Circuit Court of Appeals
East
H & Ro Block
H & R Block
America
Sixty-One Seconds Wins Endurance Prize in LA Flight Event
A paper biplane race near Los Angeles awarded the endurance prize to a flyer matching the fast timing of 51 seconds in a World War I silk lance style contest. The event, tied to a NATO disarmament discussion in London, featured a Delta wing design and a Lisbon plea to cut West German defense costs.
MENTIONED IN THIS ARTICLE
Los Angeles
Lance
London
UPI
Ucla
Germany
Lisbon
Delta Wing
NATO
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