Deductible Rental Expenses
December 22nd, 2009
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Question: Restitution for a Hit & Run?
We were involved in a hit and run case where the man was finally charged with a felony. It only took 2 YEARS!! My question is we are now getting the run-around from the court system. We filled out a victim impact statement with all the costs that we had to pay out of pocket. Loss to our vehicle, missed work, deductibles & rental car expenses etc…The judge ordered him to pay a total of 10,882.00 in restitution. But now the clerks at the courthouse are saying restitution will be paid if the insurance is satisfied??? What does that mean exactly? Our insurance paid-even for the other guy that hit us because his refused to pay. He actually rear ended us & pushed us into another car in front of us. So as the victims, do we actually get any of this restitution? We paid all the deductibles & our car damage was estimated around 10k. Why would the insurance company get anything? We were under the assumption that the victim’s impact statement is for US the Victims to be reimbursed?
Answer: If you’re reimbursed, your insurance company and any other insurance company that paid out anything related to the hit & run will be reimbursed first. Chances are, the insurance company(s) will consume all of the $10,882 that the driver has to pay in restitution. His $10,882 probably won’t even pay off the insurance companies, let alone anything being left over for other related costs.
Items on Amazon Right Now for Deductible Rental Expenses:
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TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 TurboTax Basic was designed to make doing your simple taxes easy, by guiding you step by step through your federal tax return. TurboTax guarantees its calculations are 100% accurate, or you’ll be paid any IRS penalties plus interest. TurboTax also double checks your return to help you get the deductions and credits you deserve. Everything you need to easily do your simple tax return. Does th… |
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Quicken Rental Property Manager 2011 – [Old Version] $66.99 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant…. |
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Quicken – Rental Property Manager 2012 – Bulk Pack $149.99 The Quicken® Rental Property Manager 2012 from Intuit® makes it easy managing and organizing your personal and rental property finances, all in one place. This personal finance software helps you to identify tax-deductible rental property expenses so you can maximize your tax deductions. Additionally, it shows how your rental properties are doing and where you’re spending at a glance. Besides … |
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Every Landlord’s Tax Deduction Guide (2nd Edition) $34.99 This bestseller is the only book on tax deductions specifically for residential landlords! If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — without the services of a high-priced accounting firm. This book explains how to ma… |
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Posted in Tax Deductible Expenses | 
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