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A comment on Netflix Posted Biggest-Ever Profit in 2018 and Paid $0 in Income Taxes. Parent comment

Re:Netflix Posted Biggest-Ever Profit in 2018 and Paid $0 in... by nsxwolf on Wednesday February 06, 2019 @01:27PM (#19098063)
What do you mean by "lose money"? There are plenty of kinds of losses that the average worker might incur that would offset their income tax. It could be a capital loss on an investment. It could be casualty losses from theft or a fire.
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Re:Netflix Posted Biggest-Ever Profit in 2018 and Paid $0 in... by MetalGuru on Wednesday February 06, 2019 @02:15PM (#19098658)
Casualty losses are tax deductible? That seems like it would be hard to verify if you got audited.
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Re:Netflix Posted Biggest-Ever Profit in 2018 and Paid $0 in... by Bedon292 on Wednesday February 06, 2019 @03:11PM (#19099329)
Yes, hurricanes are a big one as well. However this is un-reimbursed losses only. So if you have a large deductible, or you insurance subtracts depreciation from your payment. Then you can take a loss on just that part. But yes, need receipts and all that stuff to prove the loss.

100k house, 30k in damage, 20k insurance check. You can take 10k in losses.

*Also note, I am not a CPA, consult one. This is my current understand trying to deal with a town house I own in NC that was damaged this year.

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