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  • I have a large casualty loss deduction of about $5,000,000 exceeding my yearly income of $300,000: will the NOL amount (for carryover) be different under the AMT from the regular NOL amount? How to calculate the NOL for the AMT purposes? (The regular NOL is calculated using Schedule A of Form 1045 as prescribed by Publication 536). There is something about AMTNOL being limited to 50% of AMT income in IRC sec. 56(d) -- is it relevant to my case?
  • Our home was completed in 1998. Over the years we've had problems with the kitchen floor... tile cracking, floor bowing, etc. We decided to redue the kitchen, but prior to that I called in an engineer to determine what was causing the floor problems. After spending considerable time in the crawl space, he said there were numerous problems and the house should have never passed inspection due many, gross code violations. I went to the county to discuss recourse to no avail. I consulted an attorney with the intent to sue the builder or county. However, the statue of limitations had run out. According to the attorney there was no possibility of a lawsuit. The builder has since gone out of business. The engineers report listed all the problems and what must be done to bring the house in line with code. Almost $32,000 later, the floor, foundation, joists, piers have been fixed. Does this qualify for a casuality loss?
  • I am a US citizen and a resident alien in the UK. I will be leaving the UK permananently in August 2010. In 2009 the Kaupthing Singer and Friedlander (Isle of Man) bank went into liquidation. I had several accounts with this Icelandic bank. In 2010 I received partial repayment of my losses through the Isle of Man Depositors Compensation Scheme. I have since received no further compensation for my loses above those covered by the scheme and they still amount to around $30,000 . Any repayments through the liquidation process that will come are going to take years to come to fruition. I am not likely to receive anything this year. I have not made any federal or state tax claims over my losses. I understand that losses incurred from deposits in insolvent banks may be claimed as either a casulaty loss on form 4684 or an ordinary loss on schedule A (form 1040). Can you please advise as to the best way to make such a claim? 2010 will be my last tax year in the UK. When is one able to claim such casualty/ordinary losses, given the uncertainty of future compensation being received?
  • I have a carryover of excess casualty losses and depreciation from the previous year of19010.00 Do I put this down as a negative qa -19010.00 If the limit is -0- and the carryover is -19,010 which is smaller?
  • Me and my wife,Kim, were cleaning up their apartment. I picked up a crumpled tissue from the counter and flushed it down the toilet. I later found out the tissue contained Sarah's wedding ring which she had put in the tissue the night before after cutting her finger. The ring had a basis of $35,000 and a FMV of $45,000. Assuming the lost amount and their AGI would allow for a deduction, may we claim a (personal) casualty loss deduction on the ring?
  • How do I file a casualty loss (rental residence -fire,total) insurance reimbursement and purchse of new like kind replacement rental unit. I want to postpone gains on this transaction. I am using Turbo Tax

 

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