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Tax Deduction Consulting: Fire Loss Deductions Claymont DE

One of the important keys to success in tax preparation is the keeping of adequate records. The person who is very careful and keeps very good records of his property, its value, and his expenses is going to find tax preparation time much easier. He will also be more prepared for a possible audit and will have less difficulty should one occur. However, what if losing your records is the problem?

Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Brian K. Lureen (RFC®), CHFC, CLU
(610) 889-2066
5 Great Valley Pkwy Ste 334
Malvern, PA
Company
Heritage Advisory Services, Inc.
Qualifications
Education: BS
Years of Experience: 21
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Plachuta John
(610) 485-4522
2211 Chichester Ave
Marcus Hook, PA

Data Provided by:
US Tax Resolutions
(302) 477-1108
35a The Commons 3524 Silverside Rd
Wilmington, DE
 
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
David Waters
1429 Walnut Street
Philadelphia, PA
Company
Title: Vice President
Company: Professional Planning Associates
Type
Investment Advisor Rep: Yes
Education
Dickinson College/BA in Economics
Years Experience
Years Experience: 30
Service
Portfolio Engineering,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Fee Only Portfolio Management,High Yield Bank Accounts,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Life Insurance,Investment & Portfo

Data Provided by:
Global Tax Management Inc
(302) 798-0294
Silverside & Carr
Wilmington, DE
 
Colbert Ball Tax Ser
(302) 543-4631
800 Vandever Ave
Wilmington, DE
 
Data Provided by:

Tax Deduction Consulting: Fire Loss Deductions

Proving Deductions for Fire Loss

Whenever you are discussing the idea of proving deductions during an audit, the first thing you are told is to keep very good records. What happens when the lost of those records is the problem? How difficult is proving deductions for fire loss?

One of the important keys to success in tax preparation is the keeping of adequate records. The person who is very careful and keeps very good records of his property, its value, and his expenses is going to find tax preparation time much easier. He will also be more prepared for a possible audit and will have less difficulty should one occur. However, what if losing your records is the problem? This could happen as the result of a disaster such as a house fire. How difficult is proving deductions for fire loss?

The IRS has a reputation of being a bit more understanding over recreated records and even estimates when the loss of the original records is the result of a disaster such as a fire rather than carelessness. You will have a little more laxity in establishing estimates of your property and its value. So, the first thing to do is to establish that a disaster occurred. It is not a person's first instinct after losing their home to a fire to start taking pictures of the disaster, but since documentation of loss is going to be important both for insurance and tax purposes; this is the right thing to do.

You are going to be able to get away with estimating the loss of what would normally be found in a home. It is when you claim that your priceless collection of rare baseball cards or Van Gogh paintings went up in smoke that you are going to be challenged. It is possible to recover some proof of these unusual items and their value from other sources such as copies of credit card statements. As with many other deductions, the best thing you can do is claim what you think is correct and fair and hope for the best. Begin the process of documentation immediately.

If you have lost your important records as a result of a fire, this advice might seem a bit like telling you to close the barn door after the cows have already escaped, but a fireproof safe for your important documents should be something everyone has in their home. They are inexpensive and everyone has records and valuable papers that should be protected from loss. This is good advice not only for the taxpayer, but also a fireproof safe can protect vital records needed for insurance claims. They can even protec...

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