Lost Memorabilia - Memories are delectable, but not deductible.
Lost Memorabilia:
Lynda Wang claimed a "miscellaneous" deduction of $80,950
for items her landlord had throw out. Lynda said
the items included books, personal photos, school notes, and other personal
items - and that she was also
deducting the "time" spent on them and "also my family memories. Once missing, I
couldn't replace them.
Have an idea where this issue is heading? The Tax Court noted that "memories are
delectable, but ... not
deductible. Loss of sentimental value is not a deductible loss."
The Court noted that Lynda might have been eligible for a
theft loss deduction except for one thing - there
was no proof of value and cost.
Lynda Wang, TC Summary Opinion 2004-119