Robert Spielman, Tax & Business Services Partner, Quoted in Newsday Article "LI Property Owners Could Deduct Some Sandy Losses"
By Ken Phillips
Once the loss is determined, the deduction is calculated by subtracting insurance payments and government aid as well as a deductible based on 10 percent of a taxpayer’s adjusted gross income plus $100.
Robert Spielman, a partner at the accounting firm Marcum LLP in Melville, said loss of records is one problem.
“If you don’t have exact records and you can with reasonable accuracy figure out what you’ve invested in a house, that’s the best you can do,” he said.