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How much will this cost me, No thanks, property use in a

Customer Question
How much will this cost...
How much will this cost me
JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: No thanks
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: property use in a business has been confiscated by another company how to show a loss for property no money was given
JA: Is there anything else the Accountant should be aware of?
Customer: it was a truck over 6000 used in business over 5 yrs
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 1 year ago.Category: Tax
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Answered in 11 minutes by:
6/20/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,858
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

This would be a theft and calualty loss.

...

Theft losses are generally deductible in the year you discover the property was stolen unless you have a reasonable prospect of recovery through a claim for reimbursement. In that case, no deduction is available until the taxable year in which you can determine with reasonable certainty whether or not you will receive such reimbursement.

...

here's the Form 4684 (PDF) and theForm 4684 Instructions

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

If your loss deduction is more than your income, you may have a net operating loss (NOL). You do not have to be in business to have an NOL from a casualty.

...

This allows you to carry back the loss aganst the previous two year's return (by filing an amended return), and then carry forward 5 more if still not used against other income, OR

...

Elect to forego the carryback and carry forward for 20 years or until used, against future income.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Please let me know if you have any questions at all.

...

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

JustAnswer will not credit me for the work unless you do.

...

Thank you!

Lane

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,858
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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