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Tax question- 2016 flood related
Posted on 4/1/17 at 2:35 pm
Posted on 4/1/17 at 2:35 pm
Home flooded in August, what will impact on taxes be? I've had people tell me they are getting back everything they paid in taxes. Not sure about that, what will overall impact be? Thx
4
Posted on 4/1/17 at 2:36 pm to 610man
Hire a CPA
Posted on 4/1/17 at 2:37 pm to macatak911
I am, just asking
Posted on 4/1/17 at 3:52 pm to 610man
You gotta fill out Form 1040-I FLOODED - GIVE ME MY MONEY
Just kidding
You may be able to claim some/all of your uninsured losses which could result in less tax due.
Just kidding
You may be able to claim some/all of your uninsured losses which could result in less tax due.
Posted on 4/1/17 at 9:01 pm to 610man
You can deduct the depreciation, what your house/stuff were worth before the flood - what they were worth after. You have to add back any FEMA or insurance money. If you were uninsured there's a good chance you're deduction will be more than you made.
Posted on 4/2/17 at 10:20 am to 610man
I kept documentation of everything we spent to give to my tax guy. We came our very good in taxes. I think if you had flood insurance it's probably not as beneficial
Posted on 4/3/17 at 9:24 pm to Glock17
Man, I'm glad people are getting relief in these terrible situations, but I paid my flood insurance and yes I did repair my house and came out fine, but if the government is going to give relief to those who flooded, why basically penalize the people that paid their insurance? I lost about 30k in contents that insuarance didn't cover. I hope I can at least claim that against my income...
Posted on 4/4/17 at 11:43 am to BengalBlood81
I think the idea there is that if you had insurance and all of your expenses were covered then you have no loss to write off.
It's not a penalty against those that paid insurance. When comparing insurance claims versus write-off, you come out much better with insurance. And losses not covered by insurance, assuming they are legit, can be written off.
This is true for any casualty loss, not just flood.
It's not a penalty against those that paid insurance. When comparing insurance claims versus write-off, you come out much better with insurance. And losses not covered by insurance, assuming they are legit, can be written off.
This is true for any casualty loss, not just flood.
This post was edited on 4/4/17 at 11:59 am
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