Understanding the Tax Implications and Proofs Required for Residential Casualty Losses, 1981-01-01 - 1981-12-31
Item — Box: 4, Folder: 2
Identifier: CAC_CC_109_4_22_2_0015
Understanding the Tax Implications and Proofs Required for Residential Casualty Losses, 1981-01-01 - 1981-12-31
Casualty losses for nonbusiness property must exceed $100 and result from a sudden, unexpected, or unusual event to be deductible. Losses from drought may not qualify as casualty losses unless there is evidence of rapid and severe subsoil shrinkage. The amount deductible is the difference in fair market value before and after the loss, not exceeding the adjusted basis of the property. Professional engineering opinions and appraisals are necessary to prove the extent of damage, and all opinions and appraisals are subject to IRS review.
Dates
- 1981-01-01 - 1981-12-31
Language of Materials
English
Conditions Governing Access
Certain series of this collection are stored off-site and require prior notice to access. If you wish to view these materials, please contact the Congressional Archives staff to arrange an appointment.
The following series are stored off-site: Clippings, Invitations, White House Records, and 2017 Accrual.
The following series are stored off-site: Clippings, Invitations, White House Records, and 2017 Accrual.
Extent
2 Pages
Overview
97th (1981-1983)
Repository Details
Part of the Carl Albert Center Congressional and Political Collections Repository