Archived posting to the Leica Users Group, 1996/10/16
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]At 09:39 15/10/96 -0400, you wrote: >On loss of equipment; does anyone know how I could respond to IRS about >my loss? Like could i get some kind of deduction? ><paul> > Depends upon whether you are in business its just a hobby. If business, it is taken off the asset schedule, and if fully sec. 179 expensed there is no claim to be made. If personal, the loss goes through sced. A with appropriate subsched. You need to report it to the police and maintain a copy of the police report as part of your records. You should check with your tax preparer for your particular situation. Sorry about this group, I know on a previous post I suggested that there you probably would not care to have tax issues discussed. Brian Levy, J.D. Toronto, Ont. dlevy@worldy.com