My vacation condo burned down i have no insurance on my condo itself but the complex has insurance but the insurance is

Asked 5 months ago - Brooklyn, NY

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declining to rebuild/payout. my complex is suing i wanted to know can i claim this on my taxes as a loss since its gone theres no structure or do i have to wait till the litigation is over. i wanted to know because if i calim it on my taxes i would get a increase on my return.

Attorney answers (4)

  1. Contributor Level 20

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    Answered February 02, 2013 06:41. Talk to a CPA.

    I am a former federal and State prosecutor and now handle criminal defense and personal injury/civil rights cases.... more
  2. Contributor Level 15

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    Answered February 02, 2013 07:43. This is really a question for your accountant.

    Disclaimer- The information you obtain at our web-site or through postings on such sites as this is not, nor is it... more
  3. Pro

    Contributor Level 18

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    Answered February 02, 2013 09:43. I agree with my colleagues. This is an issue for your tax professional.

    If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education... more
  4. Pro

    Contributor Level 2

    Answered February 08, 2013 21:02. If you do not have a CPA, you may want to consider contacting IRS directly.

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