I'm amending my 2012 Form 1040
to claim a "CASUALTY LOSS
I'd errantly omitted from deducting when it was originally filed -- and I'm reasonably certain it's appropriately a REDUCTION from "GROSS INCOME
", rather than as an "ITEMIZED DEDUCTION
" -- now seeking confirmation of this belief !!
in early 1980 we'd traded in a personally-used Cabin Cruiser while acquiring a Watercraft more suitable for BUSINESS USE -- as a Charter Fishing- SCUBA Dive Boat, operated by mysef as a USCG-Licensed "Captain", and also regularly operated in my absence (while "ON DUTY" as a Firefighter) by another Firefighter who was alsY USCG- Licensed as a "Captain". From 1980 through 1990, it was used EXCLUSIVELY for Charter purposes
While the boat was titled in my name personally, I "leased" it out to my SUB-CHAPTER
"S" Corporation that conductd its Business Use -- and PERSONALLY CLAIMED as a "SCHEDULE "C" "Business Expense
"for its "DEPRECIATION
", as an "Offset" to the "Pass-Through
" of Sunchapter "S" earnings reported annually in my Forms
The Charter Business was in active from 1990 through 2010, when it was re-located to FLORIDA with intent to resume "Business Use" on the GULF OF MEXICO. But early in 2012, the boat sunk and had to be scrapped because of "Saltwater" corrosion to steel usd in its Hull, when it was designed/built as a "Freshwater" vessel (on Lake Michigan); rater than using "Brass" components.
Am I correct in believing the (uninsured) "CASUALTY LOSS" claim is deductible
(on Line 13 or 14 of FORM 1040, rather than as an "ITEMIZED DEDUCTION" in SCHEDULE "A" ???