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Posted by Herb Smith on November 27, 2006, 8:08 am
Please log in for more thread options Harlan Lunsford wrote:
> Jack Stoneham wrote:
>> I have a large documented theft loss for 2005. I did not
>> take it because I waiting for the insurance proceeds. So
>> I have to file an amended return.
> If the insurance company will reimburse you, although slow
> at best, just wait. No need to deduct a loss and have to
> report the reimbursements later as income.
>> Since it was a classic car, can take it as a capital loss so
>> I don't have to take off the 10% of AGI.
> I'm under the impression this was a personal asset and not
> one held for investment; right? So it's subject to the
> theft loss provision, i.e. the 10% shave.
And to make that pill a little more bitter, it's actually
10% of AGI + $100.
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