Katrina + FMV + ALE


B

Brett Harlow

Our local paper says, "Storm aid from FEMA, ARC, and
insurance companies is not taxable."

I'm assuming that "storm aid" refers to ALE, if received,
and not insurance policy checks, correct?

I'm trying to determine the proper amounts to claim for
losses and the subsequent sale of home re: Katrina.

In listing the original cost, can I add the value of
subsequent improvements re: computing losses? I had to do
this when listing the sale of the house re: capital gains.

In determining the FMV after Katrina, do I list the price I
sold it for? It was completely destroyed and condemned as
uninhabitable and was sold far below FMV, but I have to put
something.

Can I lump all my personal property losses together
(furniture, appliances, etc.), estimate total costs and FMV?
Or should I list each item the way I did for my insurance
company? How do I determine FMV for these items
(furniture)? Can I take a loss for furniture that had
become antique? Or should I estimate a high price and say I
bought it at an antique store?

Can I take losses for collectibles, art, etc.?



Thanks!
 
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