Guest guest Posted January 19, 2008 Report Share Posted January 19, 2008 From www.irs.gov http://www.irs.gov/businesses/small/article/0,,id=171138,00.html (6/1/07) Q: How will the IRS will handle water damage " mold issues " as a result of insufficient repairs or whatever the cause. Will there be special reporting on the loss related to mold? A: Whether individuals may claim damage to their personal-use property from mold as part of a casualty loss depends on the facts and circumstances of each situation. A key factor to consider is whether the mold damage occurred as a direct result of the disaster or from some other intervening cause since there must be a causal connection between the casualty event and the loss claimed by the taxpayer. For example, individuals would not be entitled to deduct as part of their casualty loss mold damage that occurred as a result of insufficient repairs. The individuals¢ casualty loss deduction would be limited to the property damage caused by the disaster. In addition, if a large amount of time lapsed between the date of the hurricanes and the formation of the mold, this raises the question of whether the mold damage was caused by the disaster or by some other factor. The formation of mold may qualify as a separate casualty. A casualty is an event that is identifiable, damaging to property, and sudden, unexpected, and unusual in nature. An event is sudden if it is swift and precipitous, and not gradual or due to progressive deterioration of property through a steadily operating cause.. An event is unexpected if it is unanticipated and it occurs without the intent of the one who suffers the loss. An event is unusual if it is extraordinary and nonrecurring, one that does not commonly occur during the activity in which the taxpayer was engaged when the destruction or damage occurred and one that does not commonly occur in the ordinary course of day-to-day living of the taxpayer. If, under a particular set of facts, the formation of mold is a sudden, unexpected, unusual and identifiable event that caused damage to the individual¢s property, then it would qualify as a casualty and the individual may be entitled to deduct the loss for the resulting property damage as a casualty loss under section 165©(3) if the individual satisfies the other requirements for the deduction. [] Taxes and Mold I started back to work to learn a profession I can do at home as my home is not the source of mold exposure for me. I decided to start doing taxes and then start a bookkeeping business that does taxes for small businesses. Anyway mold losses are NOT tax deductable and futhermore making your house airtight is deductable. One might conclude that our tax code promotes mold growth. LOL but not very funny. ________________________________________________________________________________\ ____ Looking for last minute shopping deals? Find them fast with Search. http://tools.search./newsearch/category.php?category=shopping Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 20, 2008 Report Share Posted January 20, 2008 I love you !!!!! K <brianc8452@...> wrote: From www.irs.gov http://www.irs.gov/businesses/small/article/0,,id=171138,00.html (6/1/07) Q: How will the IRS will handle water damage " mold issues " as a result of insufficient repairs or whatever the cause. Will there be special reporting on the loss related to mold? A: Whether individuals may claim damage to their personal-use property from mold as part of a casualty loss depends on the facts and circumstances of each situation. A key factor to consider is whether the mold damage occurred as a direct result of the disaster or from some other intervening cause since there must be a causal connection between the casualty event and the loss claimed by the taxpayer. For example, individuals would not be entitled to deduct as part of their casualty loss mold damage that occurred as a result of insufficient repairs. The individuals¢ casualty loss deduction would be limited to the property damage caused by the disaster. In addition, if a large amount of time lapsed between the date of the hurricanes and the formation of the mold, this raises the question of whether the mold damage was caused by the disaster or by some other factor. The formation of mold may qualify as a separate casualty. A casualty is an event that is identifiable, damaging to property, and sudden, unexpected, and unusual in nature. An event is sudden if it is swift and precipitous, and not gradual or due to progressive deterioration of property through a steadily operating cause.. An event is unexpected if it is unanticipated and it occurs without the intent of the one who suffers the loss. An event is unusual if it is extraordinary and nonrecurring, one that does not commonly occur during the activity in which the taxpayer was engaged when the destruction or damage occurred and one that does not commonly occur in the ordinary course of day-to-day living of the taxpayer. If, under a particular set of facts, the formation of mold is a sudden, unexpected, unusual and identifiable event that caused damage to the individual¢s property, then it would qualify as a casualty and the individual may be entitled to deduct the loss for the resulting property damage as a casualty loss under section 165©(3) if the individual satisfies the other requirements for the deduction. [] Taxes and Mold I started back to work to learn a profession I can do at home as my home is not the source of mold exposure for me. I decided to start doing taxes and then start a bookkeeping business that does taxes for small businesses. Anyway mold losses are NOT tax deductable and futhermore making your house airtight is deductable. One might conclude that our tax code promotes mold growth. LOL but not very funny. ________________________________________________________________________________\ ____ Looking for last minute shopping deals? Find them fast with Search. http://tools.search./newsearch/category.php?category=shopping Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 20, 2008 Report Share Posted January 20, 2008 Wondering if personal property lost in a building one worked in could be written off. Has anyone ever tried on a WC case to get compensation from personal property lost at work? My case hasn't come to trial yet but I had 25 years of personal property that is contaminated and would like to get some kind of relief, either from my WC case or tax wise. Any input? Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 22, 2008 Report Share Posted January 22, 2008 --- In , <brianc8452@...> wrote: > > From www.irs.gov > > http://www.irs.gov/businesses/small/article/0,,id=171138,00.html > > (6/1/07) Q: How will the IRS will handle water damage " mold issues " as a result of insufficient repairs or whatever the cause. Will there be special reporting on the loss related to mold? > > A: Whether individuals may claim damage to their personal-use property from mold as part of a casualty loss depends on the facts and circumstances of each situation. A key factor to consider is whether the mold damage occurred as a direct result of the disaster or from some other intervening cause since there must be a causal connection between the casualty event and the loss claimed by the taxpayer. For example, individuals would not be entitled to deduct as part of their casualty loss mold damage that occurred as a result of insufficient repairs. The individuals¢ casualty loss deduction would be limited to the property damage caused by the disaster. In addition, if a large amount of time lapsed between the date of the hurricanes and the formation of the mold, this raises the question of whether the mold damage was caused by the disaster or by some other factor. > > The formation of mold may qualify as a separate casualty. A casualty is an event that is identifiable, damaging to property, and sudden, unexpected, and unusual in nature. An event is sudden if it is swift and precipitous, and not gradual or due to progressive deterioration of property through a steadily operating cause.. An event is unexpected if it is unanticipated and it occurs without the intent of the one who suffers the loss. An event is unusual if it is extraordinary and nonrecurring, one that does not commonly occur during the activity in which the taxpayer was engaged when the destruction or damage occurred and one that does not commonly occur in the ordinary course of day-to-day living of the taxpayer. If, under a particular set of facts, the formation of mold is a sudden, unexpected, unusual and identifiable event that caused damage to the individual¢s property, then it would qualify as a casualty and the individual may be entitled to > deduct the loss for the resulting property damage as a casualty loss under section 165©(3) if the individual satisfies the other requirements for the deduction. It's pitiful the way this is written...b/c almost all the condos at our lake place have some damage, even though a lot of the owners are not aware of it. It doesn't matter much in my case b/c my husband doesn't believe we have any recourse, but I think w/proper representation we could have a case, esp. b/c of all the belongings we have lost, not to mention the year of my life I lost living there. Hugs, Cheryl .. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 22, 2008 Report Share Posted January 22, 2008 This is only one question on the IRS website. You should really check with a tax expert because things change all the time. [] Re: Taxes and Mold --- In , <brianc8452@ ...> wrote: > > From www.irs.gov > > http://www.irs. gov/businesses/ small/article/ 0,,id=171138, 00.html > > (6/1/07) Q: How will the IRS will handle water damage " mold issues " as a result of insufficient repairs or whatever the cause. Will there be special reporting on the loss related to mold? > > A: Whether individuals may claim damage to their personal-use property from mold as part of a casualty loss depends on the facts and circumstances of each situation. A key factor to consider is whether the mold damage occurred as a direct result of the disaster or from some other intervening cause since there must be a causal connection between the casualty event and the loss claimed by the taxpayer. For example, individuals would not be entitled to deduct as part of their casualty loss mold damage that occurred as a result of insufficient repairs. The individuals¢ casualty loss deduction would be limited to the property damage caused by the disaster. In addition, if a large amount of time lapsed between the date of the hurricanes and the formation of the mold, this raises the question of whether the mold damage was caused by the disaster or by some other factor. > > The formation of mold may qualify as a separate casualty. A casualty is an event that is identifiable, damaging to property, and sudden, unexpected, and unusual in nature. An event is sudden if it is swift and precipitous, and not gradual or due to progressive deterioration of property through a steadily operating cause.. An event is unexpected if it is unanticipated and it occurs without the intent of the one who suffers the loss. An event is unusual if it is extraordinary and nonrecurring, one that does not commonly occur during the activity in which the taxpayer was engaged when the destruction or damage occurred and one that does not commonly occur in the ordinary course of day-to-day living of the taxpayer. If, under a particular set of facts, the formation of mold is a sudden, unexpected, unusual and identifiable event that caused damage to the individual¢s property, then it would qualify as a casualty and the individual may be entitled to > deduct the loss for the resulting property damage as a casualty loss under section 165©(3) if the individual satisfies the other requirements for the deduction. It's pitiful the way this is written...b/ c almost all the condos at our lake place have some damage, even though a lot of the owners are not aware of it. It doesn't matter much in my case b/c my husband doesn't believe we have any recourse, but I think w/proper representation we could have a case, esp. b/c of all the belongings we have lost, not to mention the year of my life I lost living there. Hugs, Cheryl .. ________________________________________________________________________________\ ____ Never miss a thing. Make your home page. http://www./r/hs Quote Link to comment Share on other sites More sharing options...
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