Wednesday, June 14, 2017

A tragic loss

Q  I recently lost my motor home to a fire this past December 2016. Although I made it out my beloved pet did not. It was a total loss for my RV. Is there any type of loss available for tax purposes?.  I lived in my RV full time while working out of state from my permanent residence. I had to cash out a retirement account in order to pay off the loan on my other RV and a down payment on a new RV, any guidance would be greatly appreciated.

A.  Sadly a loss of this type is almost impossible to take for tax purposes Publication 547 explains the limitations regarding casualty losses. Basically, your best bet is going to be your insurance. Although nothing can replace the loss of a loved one, at least you should receive some relief in regard to your RV. Please accept my sincerest condolences. Hopefully by now you are back on the road. Thank you for your inquiry. 

An apology for Late Reply's

I try to answer your inquiries on a timely basis, but this year after working 7 days a week with 10 -12 hour days, it became impossible. Hopefully you either went through the labels and found your answers and or filed for an extension. Under the premise of "Better late than Never," I shall endeavor to catch up!