Archived posting to the Leica Users Group, 1996/10/16

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Subject: Re: I LoVe my 50!
From: dlevy@worldy.com
Date: Wed, 16 Oct 1996 10:16:09 -0400

At 09:39  15/10/96 -0400, you wrote:

>On loss of equipment; does anyone know how I could respond to IRS about 
>my loss? Like could i get some kind of deduction?
><paul>	
>
Depends upon whether you are in business its just a hobby. If business, it
is taken off the asset schedule, and if fully sec. 179 expensed there is no
claim to be made. If personal, the loss goes through sced. A with
appropriate subsched. You need to report it to the police and maintain a
copy of the police report as part of your records. You should check with
your tax preparer for your particular situation.

Sorry about this group, I know on a previous post I suggested that there you
probably would not care to have tax issues discussed.
Brian Levy, J.D.
Toronto, Ont.
dlevy@worldy.com