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Discussion Forum Index --> Basic Tax Questions --> FDIC?

Discussion Forum Index --> Tax Questions --> FDIC?

Kerryfreemanea (talk|edits) said:

14 November 2008
taxpayer had $120K in bank. Bank closed, FDIC covers $100K what and how to handle $20K loss. this is personal monies not business.

AEM CPA (talk|edits) said:

14 November 2008
I believe the casualty loss rules apply, but I'm not certain. (The FDIC limit was increased to $250,000 per depositor as part of the bailout.)

CrowJD (talk|edits) said:

14 November 2008
The 250K was probably not retroactive, but I don't know.

Are you sure he lost the 20? I only ask because I was not aware that any depositor had actually lost money as of now. I've heard of people having to wait to get all their funds.

Kerryfreemanea (talk|edits) said:

14 November 2008
That's is still to be determined. I just got asked the qustion and stratched my head and thought to ask. I was asked second hand and You are right, it was raised to 250k. thank for your thoughts. keep checking.

Riley2 (talk|edits) said:

14 November 2008
The taxpayer has 2 choices. The taxpayer can elect to treat the loss as a nonbusiness casualty loss. If he does not make the election, then he must treat the loss as a nonbusiness bad debt.

I believe that Indymac depositors suffered uninsured losses.

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