and Life Insurance

Question by amy: My parents lost their home to a fire on 12/26/09. No Insurance do you know if they can claim a lose on taxes?
They lost thier home to fire the day after christmas I am trying to find out if they can claim the tax value of the home as a lose on their tax return. They did not have any insurance.

Best answer:

Answer by the tax lady
Sort of.

Form 4684, show loss.
Form 4684, reduce by $ 500 and 10% of AGI.
Take result and put it on schedule A.
Then do the rest of the return.

Give your answer to this question below!

Related Posts:

• Public Adjusters: How do they make their fee on Fire Insurance claim?
• Can I claim my $500 deductable from home owners/flood insurance on my taxes?
• Can i make a whiplash claim even know i only have 3rd party, fire and theft insurance?
• Do I have to pay taxes on money I receive from a fire insurance claim?
• How to file on taxes, mobile home loss due to fire with no insurance. Mobile home affixted as real property.?