IRS and Court Opinions



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

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