RECENT DISASTER RECOVERY TAX HELP QUESTIONS
One
of the ways that people read entries on this blog is by first asking questions
in a internet search engine. Under the tab “Popular Searches and Posts” many of
the inquiry questions are listed, I continue to add new ones that appear to be
of general interest. Since I have no way of communicating directly with
individuals who search this blog, I will respond to some recent inquiries that
seem to be of general interest. Some of these have answers in this blog. Here are questions that I believe should be
answered whether or not answers may be on the blog.
1.
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What is IRS “closed and completed transaction”?
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2.
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Do casualty losses on taxes trigger an IRS audit?
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3.
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Form 1099 reporting for property insurance proceeds?
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4.
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Does the 10% federal disaster exclusion only apply to principal
residence?
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5.
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Insurance valuation after catastrophe?
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6.
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Repairs allowable, Casualty Loss Deduction
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7.
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How to
report multiple items as a casualty loss
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8.
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IRS Disclosure Form for Reinvested Proceeds
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There
is always something new on the site. Keep checking the blog to see what is new.
Of course the answers that get posted on the blog are general as the inquiries
do not provide enough details. As they say in many other fields: “Your results
may be different as your specific facts and circumstances are unique.”
The
use of the information posted on the blog can be helpful, but a complete
understanding of your disaster situation by a knowledgeable tax professional who
takes the time needed to draw out the unique key facts and circumstances of
your disaster is essential to the proper handling of your tax reporting
responsibilities. Someone who has the understanding of the subject matter is implicit
in the first three inquiries of the law listed below. A knowledgeable tax
professional can take reduce the confusion, guiding you through the process. A
knowledgeable tax professional cannot eliminate all the stress and trauma of
the event. But a qualified professional will eliminate the stress of dealing
with tax codes sections that are totally alien to the usual income tax reporting
and the trauma of complying with the rules, including assembling the required
data, often in situations where the documentation has been destroyed by the
very event that now has to be reported in one or more tax returns. These issues
are inherent in the questions being asked. As I look at these questions I see
they are related. They were probably asked by separate people, but that only
emphasizes the need to have a complete understanding instead of asking “hot”
questions; you need to be concentrating on the complete situation.
From
the contacts that I have made over the years from people who have taken the
next step to contact me I see that the blog has provided information that is
valuable to people who have experienced a catastrophic physical loss.
This blog,
“AccountantForDisasterRecovery.com” has been addressing taxpayer income tax
issues related to catastrophic losses for five years
All rights to reproduce or quote
any part of the chapter in any other publication are reserved by the author.
Republication rights limited by the publisher of the book in which this chapter
appears also apply.
JOHN
TRAPANI
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Certified
Public Accountant
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2975
E. Hillcrest Drive #403
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Thousand
Oaks, CA 91362
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(805)
497-4411
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Contact us through our website at:
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Blog:
www.AccountantForDisasteRrecovery.com
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It All Adds Up For You
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This material was contributed by John
Trapani. A Certified Public Accountant who has assisted taxpayers since 1976,
in analyzing and reporting transactions of the type covered in this material.
Internal Revenue Service Circular 230 Disclosure
This
is a general discussion of tax law. The application of the law to specific
facts may involve aspects that are not identical to the situations presented in
this material. Relying on this material does not qualify as tax advice for
purpose of mounting a defense of a tax position with the taxing authorities
The
analysis of the tax consequences of any event is based on tax laws in effect at
the time of the event.
This
material was completed on the date of the posting
© 2013, John Trapani, CPA,
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