Wazee Lake Topics: Tax Question??

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	Name:	GoneFishin -
	Subject:	Tax Question??
	Date:	12/23/2008 12:07:19 AM

I am not an accountant but will suggest a couple of things to you. First, there is a high probability you will be audited by the IRS if you take the deduction.

One question is did the fire and removal actually increase the value of the remaining property. At times, the removal of an old barn will increase the value of the land. Or, the value will be increased cause you can market it without any structure that has little value and had to be torn down to build. I don't believe you can not take a deduction if you gained from the contribution. Possibly, the destruction of the building can be considered as as income based on what you saved by not paying to have it demolished. That gain would have to be deducted from any appraised value placed on the structure.

I agree with the other posters that you should have had it assessed before the fire. It is quite complicated. Seek professional advice before you take a deduction from a CPA who will defend it when you are audited.

Wait and see what Maverick has to say.

Other messages in this thread:

View Entire Thread

Tax Question?? - LakeStone83 - 12/22/2008 2:44:15 PM

Tax Question?? - lakeplumber - 12/22/2008 3:28:50 PM

First of all, next time you... - Blue Creeker - 12/22/2008 4:36:19 PM

Tax Question?? - water_watcher - 12/22/2008 7:06:14 PM

Tax Question?? - GoneFishin - 12/23/2008 12:07:19 AM

Tax Question?? - Talullahhound - 12/23/2008 7:26:17 AM

Tax Question?? - Maverick - 12/23/2008 7:18:10 PM

I agree with Mav - Ulysses E. McGill - 12/24/2008 12:10:41 AM

Tax Question?? - water_watcher - 12/23/2008 7:33:03 AM

Tax Question?? - mcintpa - 12/23/2008 10:29:31 AM

Tax Question?? - Talullahhound - 12/23/2008 7:05:02 PM

Tax Question?? - Swimmer27 - 12/24/2008 8:39:34 AM

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