Q: Do you know how to handle damage resulting form Corrosive Drywall ? Is there a way to determine what loss can be taken and how much ?
A: Any person who pays to repair damage to personal residence or household appliances that results form Corrosive Dry wall can deduct it as casualty loss in the year of payment. 75% of the unrerimbursed expenses can be claimed as casualty loss using Safe harbor method. Losses claimed for replacement of household appliances are limited to lesser of the current cost to Replace Appliances or their Basis.
See Revenue Procedure 2010-36 for details.
FOLLOW ME FOR TAX INFO --> CALL KASH YAJNIK , AT (925) 963 4891 OR VISIT http://www.yajnikandmehta.com/ OR BLOG: http://yma-tax-bookkeeping-payroll.blogspot.com/ OR Join Likedin "Tax Matters" Group for discussion.
No comments:
Post a Comment