Can i claim loss when insurance reimbursement is less than my fee? I charge $125 per hour and insurance reimburses me $60
No. Your "loss" is the fact that you have less taxable income to pay tax on. You already pass less tax -- you can't take a deduction from income you don't get.
Can i claim loss when insurance reimbursement is less than my fee? I charge $125 per hour and insurance reimburses me $60
No. Your "loss" is the fact that you have less taxable income to pay tax on. You already pass less tax -- you can't take a deduction from income you don't get.
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