Nov 27, 2017 | Casualty Loss Deduction, Insurance
Question: My tax advisor suggested that I obtain an appraisal of my property that reports the value before the fire and the value of the land after the fire in order to document the reportable loss. My insurer has advised that they are going to provide me with an...
Nov 15, 2017 | Exclusion of Taxable Gain, Insurance
The answer to this and most tax questions is: It depends. There is a potential for the insurance payments to be taxable and it depends on the facts and circumstances of each case. Casualty Loss: If a Home Owner was uninsured (or under-insured) and lost their house,...