So if you had a 10,000 dollar diminished value claim that you did not recover from the negligent party and you can document the loss, you can claim it.
Good luck in your tax audit with this one! Not saying it may not be legal, and an owner ''legally'' entitled...personally though would scare the crap out of me! Mike you going to the audit (free or for a fee?) with the tax payer if they are audited? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Good luck in your tax audit with this one! Not saying it may not be legal, and an owner ''legally'' entitled...personally though would scare the crap out of me! Mike you going to the audit (free or for a fee?) with the tax payer if they are audited?
Wouldn't that be nice, more substantiation of the loss as approved by the IRS. Would be pretty difficult to disprove I would think since there is no government agency that has an opinion one way or the other, but there are substantial court cases and documented payments by insurers to those who have been paid for the losses to support the deduction.
Income Tax Deduction ? ? ?
Yes - IF you itemize your deductions, use Line # 19 of Form 1040 - Schedule A to Deduct your unrecovered Diminished Value. Assuming you have an unrecovered Diminished Value of $ 2,000 and a tax rate of 20%, you can Reduce Your Tax Obligation by almost $ 400.00 - well more than the cost of the Diminished Value report itself - You can even Deduct the Cost of the Diminished Value Report on Line # 22 of Schedule A.
Review IRS Form 1040 - Schedule A and Form # 4684 with your tax advisor.
You and T should check out Mr Howards Resume and cv. I would venture to say that his experience in both the insurance industry and collision industry gives him unparalleled expertise in both fields to offer commentary on owed losses.
Quote:
Insurance Consumer Advocate Network, LLC
J. D. Howard Executive Director
BIO CV
Training ...
J.D.Howard began his insurance career with Allstate Insurance Company in 1965. He completed Allstate Claims Training Programs in 1968. He completed his paralegal training in 1976.
Career Experience ...
J.D.Howard's career experience includes Claims Adjuster, Defense Litigation Supervisor, Author, Trainer, Lecturer (including CLE) , Expert Witness, Plaintiff Litigation Consultant, Talk Show Host, Executive Director of a National Collision Repair Association, and ... Executive Director of iCan.
Former Clients ...
As a licensed independent claims adjuster (AZ # 0055079 1974 to 2002) J.D.Howard provided ongoing claim resolution/consultation services, on a fee-per-file basis, for such entities as ... Adriatic American Family American States AMICA Ansvar City of Phoenix Canadian Indemnity Colonial Penn Employers Mutual [EMG] Federated American Fireman's Fund Hartford Kemper Liberty Mutual Metropolitan St Paul State of Arizona State Farm TransAmerica [TIG] Travelers USF & G Western Casualty Western States ... as well as numerous Plaintiff and/or Defense Attorneys.
1987 ...
After campaigning against an insurance backed ballot proposition the previous year (defeated) , J.D.Howard expanded his professional practice to embrace Insurance Consumer Advocacy issues ... including (but not limited to) Auto Post-Repair Inherent Diminished Value claims.
NOTE: In July 1968, as a staff Claims Adjuster for Allstate Insurance, J.D.Howard negotiated and settled his first Auto Post-Repair Inherent Diminished Value claim with an Allstate Policyholder.
1994 ...
After being confined to a wheel chair due to post-polio syndrome, J.D.Howard founded the Insurance Consumer Advocate Network as an effort to empower insurance consumers in Arizona. That effort included a weekly one hour call-in talk show on radio station KUKQ.
In 1997, that effort was taken onLine and expanded to ... Empowering Consumer Nationwide.
1999 - 2000 ...
J.D.Howard served concurrently as Executive Director of the Coalition for Collision Repair Excellence as well as Executive Director of iCan. The CCRE was committed to challenging auto insurance industry efforts that encouraged/suborned inferior (and all to often dangerous) collision repairs.
Once the CCRE was stable and viable (still active today), J.D.Howard left the CCRE to devote full time to the Insurance Consumer Advocate Network ( iCan ).
Expert Witness ...
From 1974 to 2001, J.D.Howard was repeatedly accepted, by Superior Courts of various counties within Arizona, as an Expert Witness on insurance and/or claim settlement value issues.
2002 - Present ...
The Howard Family moved from Tempe, AZ. to Branson West, MO. where iCan continues to promote Insurance Consumer Advocacy issues ... including the Policyholders' Bill of Rights.
_________________ If you can't find the time to do it right, how will you ever find the time to do it over.
Yep, you work for him don't you Mike? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
No, mike advertises on the Insurance Consumers Advocate Network a consumer website. Mike is a sole proprietor that works for his consumers and Mike. I would be honored, however, to be in business or a partnership with Mr. Howard.
I am going to make your life a little easier. A little bird suggested I was wasting my time in here and there are other boards where consumers appreciate consumer help that isn't monitored by obsessed obstinate controlling people. I bid you adieu. Too much work, too little time, more fun things to do. Going to concentrate on some of that DV work as well, you lit a fire under me, thanks its time to ramp that up because insurers are holding back payments for these losses every day. It's going to be stressful enough for you in the coming year with some of your personal shops beginning to face the struggles all bodyshops in the country are facing and they'll be wanting to blame their insurance partners.
Like I said before, its been real and its been fun, but I can't say its been real fun. _________________ If you can't find the time to do it right, how will you ever find the time to do it over.
gee I'm crushed. _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
_________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Not saying it may not be legal, and an owner ''legally'' entitled...personally though would scare the crap out of me! Mike you going to the audit (free or for a fee?) with the tax payer if they are audited?
