January 23rd, 2016
TAX TIP OF THE DAY... deduct damaged or stolen property
Significant uninsured losses due to events such as storms, fires, flooding, car accidents and theft are partially deductible as CASUALTY AND THEFT deductions. The loss must usually exceed 10% of your income. Certain theft losses can avoid the 10% threshhold... bad debt losses, Ponzi scheme investment losses.
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If you need tax help... www.baboiancpa.com
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David S. Baboian, CPA