[tr]

Frank, I know that liability, collison etc is not a deductible if you claim milage which I do. How about the insruance payments that are deducted from my settlements for cargo insurance?It looks like this would be deductible. Thanks and hope you are feeling better.

[Fkatz]

How Come your paying for cargo insurance. Unless this is in your contract, the company that you are leased to are the ones that should pay this. it is there responsibility to cover the loads that they take, not yours as far as I am concerned. I know that I do not have to pay cargo insurance with CTX, they pick up that tab.. which is correct.
The reason is this, do you know how much your cargo insurance will cover. What type of load your carrying, YOU HAVE TO PAY CLOSE ATTENTION TO THE CARGO INSURANCE BECAUSE DOES IT COVER THE TOTAL AMOUNT OF THE LOAD (IF GOD FORBID) YOU HAVE AN ACCIDENT AND LOSE THE LOAD.


Lets say you get a load of potato chips, an your insurance policy is $50,000, it should cover it, but if you have a load of lobsters, it won't so how can u tell what it will cover. and what it won't your carrier should tell you how much your policy is for.
The above example was written in Partners in business by Volvo/and Overdrive magazine on page 50.
This paragraph on cargo Insurance is quoted as, and I quote " CARGO INSURANCE COVERS DAMAGE TO FREIGHT IN TRANSIT. IF YOU'RE A LEASED OPERATOR, YOUR CARRIER USUALLY HANDLES CARGO INSURANCE. BUT BE SURE TO CHECK. ALSO, ASK YOUR AGENT WEATHER YOU MIGHT NEED ANY CARGO INSURANCE TO BRIDGE A GAP BETWEEN YOUR COMPANY'S POLICY AND ALL THE THINGS YOU MIGHT HAUL. IT PAYS TO CHECK NOW TO BE ABSOLUTELY SURE RATHER THAT FIGHT A CLAIM IN COURT.

IT MIGHT BE A GOOD IDEA IF YOU DOWNLOADED THE PARTNERS-IN-BUSINESS BOOK FOR THIS REASON. YOU CAN FIND IT AT [WWW.PARTNERS-IN-BUSINESS.COM] AND CAN ORDER THE BOOK OR DOWNLOAD AND PRINT ON YOUR PRINTER.

THANKS.

FRANKLIN KATZ
FRANK'S TAX & BUSINESS SERVICE
308 E. KING ST
KINGS MOUNTAIN, NC 28086

[Fkatz]

I forgot the actual question that you were asking about, I am not sure if you can or can't, I will get back to you by the end of this week for sure and give you a definite answer to you question, CAN YOU DEDUCT CARGO INSURANCE IF YOU TAKE MILEAGE?. i HOPE YOU HAVE A "A", "B" OR "C",UNIT.

I KNOW YOU CAN DEDUCT THE OCCUPATIONAL INSURANCE/WORKMEN'S COMP AND
SELF EMPLOYED HEALTH INSURANCE. THE WORKMEN'S COMP/OCC INSUR. GOES ON YOUR SCHEDULE C IF YOU ARE A S0LE PROPRIETOR, AND THE HEALTH GOES ON THE SCH A, ITEMIZED DEDUCTIONS

FRANK

[Fkatz]

Sorry TR,
For not getting back to you within the week I had promised, but I have been tied up and not into the site for a since the 1st.

I will be checking this site more often as we get closer to tax season,

And in answer to your question... YES YOU CAN DEDUCT THE CARGO INSURANCE IN ADDITION TO MILEAGE.


Frank.