Accident loss, property damage, destruction or loss of property is the result of a sudden or unusual event. It may also be the government's order that, for security reasons, a catastrophe destroys or removes the structure. These losses are considered to be a valid accident irrespective of whether they are personal or business-related if they are the direct consequences of events that are sudden, unforeseeable or destructive. These events can be caused by fire, flood, earthquake, theft or other similar events.
When deducting individual loss or theft, account must be taken of several conditions for obtaining eligibility. In addition to selecting a subtracted deduction option, it must demonstrate the ownership and value of the loss of items. In order to determine the validity of an accident or loss of theft and to claim the deduction, you must complete the form of the victim and the theft. The completed form must be filed with the tax return.
It is difficult to base this tuition, especially if there is no record of ownership and the value of the property – purchase purchase or other documentation. In the case of unquestioned or gift-giving, the holder and the certificate of value shall be determined by the person giving the gift. In the case of theft, it is advisable to document the police report to determine the loss.
The loss of an accident or theft as a result of a car accident or vandalism can be deducted as a deduction by using insurance and evaluation documentation. However, in the case of a secured asset that is considered a loss, the insurer should also be asked if the value of the property is not recovered from the insurer.
If the loss was the result of an unexpected, sudden disaster, your record was probably destroyed by the destruction. Records can be reconstructed to determine the value of property and property on the basis of records such as insurance and valuation documents. Evaluation fees are not considered a loss, but allow these fees as various deductions.
Invalid accident or theft is the destruction of intentional damage or property caused by the claim for a profit or a refund. Invalid loss is negligible, you can not make the necessary repairs to property or neglect, such as preserving valuables, if you leave keys in the car.
Corrections are generally not a valid deduction, but the cost of repairing and cleaning the property to restore the condition before the disaster is a valid deduction. The cost of repairing the damage (only) to rented property such as a car that is the consequence of an accident accident is also a valid deduction. In order to determine the pre-catastrophic condition of the video cassette, it is enough to keep the videotape in advance and keep the tape away from the property in a safe place.
The amount of the deduction is generally not equal to the loss. Certain conditions and calculations are mandatory when calculating the deduction, which will reduce the amount of the claim. Reductions include insurance reimbursements and other adjustments that may affect your claim. According to IRS accounting practice, any loss should be reduced according to a three-stage process. First, the $ 100 basic amount, AGI's 10%, and the real value of the real estate market decreased as a result of the damage or the original cost. This can eliminate the inheritance deduction if it is a small claim.
Recognizing a loss incurred in a disaster declared by a president will allow you to change your loss for the following year or the previous year to make a tax return for that year. Selecting the previous year quickly reimburses your refund.
Receipt of a refund that is not used to replace its property may be considered as taxable profit. In order to suspend profits, the property must be replaced in a similar location and must be at least equal to the refund. Replacement must take place within two years, which begins with the realization of the last day of the year. The property must be replaced within four years after reimbursement or if it is required to apply for an extension of one year if the loss occurred in the disaster declared by the chairman in order to avoid taxable profits.
Source by sbobet