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You lost money on an annuity account can you claim it as a loss?
Wiki User
∙ 16y ago
If it is a tax preferred type account....oike in your IRA or 401k, no.
Wiki User
∙ 16y ago
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What is the difference between profit and loss account and profit and loss appropiation account?
Profit and loss accont is used to calculate the profit or loss of business while profit and loss appropriation account is used to allocate or distribute net income or loss to share holders or different reserves account.
Is profit and loss account is a nominal account?
Yes. Profit and loss account is a nominal account and also trading a/c to be prepared at the end of the year.
What is the journal entry of goods destroyed by fire rupees 12000 insurance company admitted the claim rupees 10000?
Dr Cr By: Loss by fire A/c 2000 By: Insurance Co A/c 10000 To: Goods destroyed by fir A/c 12000
Is vat entered in the profit and loss account?
VAT is accounted for in the Balance Sheet if you have the right to claim VAT on purchases and liability to pay VAT on sales respectively i.e. if you are VAT registered. VAT on purchases is accounted for in the Profit and Loss (purchases are entered gross i.e inclusive of VAT) if you have no right to claim it i.e. if you are not VAT registered.
how does income and expenses account difference from Profit and Loss Account?
Income and expense for not for profit organisations is same as profit and loss account but they cannot use the name profit and loss account because not for profit organisations are not formed to earn profit.
What is the meaning of close the Profit and Loss Summary account?
profit is when the company is making money and a loss is the company is not making money.
What is an equity indexed annuity?
An equity indexed annuity is a fixed annuity product offered by an insurance company. It is a unique product for those individuals who want reliability without the risk of loss from the market as in a variable product. You place a sum of money or periodic payments into a product that the company utilizes a market in order to factor what interest you will make. You will not lose your principle or accrued interest due to market loss because your money is never in the market or index.
Which account you in 3 net loss?
The profit and loss account is the account that can be used to calculate the net loss.
Do you pay taxes on money collected from a household insurance claim?
No, Hazard Loss compensation is not considered taxable income.
Can you claim for kidney loss at momentum policy?
an i claim for kidney loss at momentum life policy
Why profit and loss account is called as profit and loss account and why not profit or loss account?
Tradition, and the need to call it something.
Can you claim losses on the stock market in 2008?
Yes, you may claim losses in any year in which you lost money if you actually sold the position to create a taxable event. If nothing is sold than a taxable event was not created and you may not claim a loss. Another factor is what type of an account were the funds held in. If it is being held in an IRA account than the tax implications would be different according to your individual circumstances. Consult an accountant or a tax advisor to see how these losses will effect you.
Can someone make a claim against me for chipping their paint?
yes. but they can only recover the exact loss, which means money to fix the chipped paint. but in some circumstances the claim may be overruled.
What are the limitations of profit and loss account?
"What are the limitations of profit and loss account?"
What is the purpose of the proof of loss in the insurance claim?
So people won't make all kinds of false claims just to get money from an insurance company. With the dishonesty in society we can't blame insurance companies for wanting proof of loss before paying a claim.
What is debit balance of profit and loss account?
Debit balance of Profit & Loss Account represents "Loss"
If you lost money on a financial institution stock can you claim it as a loss?
Yes, if you sold the stock for less than your basis or if there was an event that caused your stock to become worthless during the year. Note that this does not apply if the stock was in a tax-sheltered account such as an IRA or a 401k. If a bank went out of business causing the stock to become worthless, you can claim it as a loss. If the value of the stock went from $200 a share to $.02 a share, it is not yet worthless -- no deduction until you sell it.
