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re: can we discuss dos/don'ts for tax filings for flood victims?
Posted on 1/4/17 at 3:03 pm to LSUFanHouston
Posted on 1/4/17 at 3:03 pm to LSUFanHouston
quote:
Form 4684 for Casualty Losses is going to be something you will want to become familiar with. Long story short: 1) You measure "the reduction in fair market value" of the property affected by the storm. 2) If your total reduction in fair market value is more than all of your reimbursements (fema, insurance, etc), then you potentially have a casualty loss. You can claim this on your 2016 return, or amend your 2015 return to claim it. Casualty losses are itemized deductions. 3) If your total reduction in fair market value is less than all of your reimbursements, then potentially you have a casualty gain and have to pay tax on the additional money you got. This is all for individual income taxes, assuming no business use of property. Businesses of course get a bit more complicated.
Good information.
What about receipts for materials, supplies, etc. if work and materials were done and purchased by the homeowner?
These + repairs add up to more than FEMA provided (and no Insurance), but would not necessarily be related to a reduction in FMV.
Posted on 1/12/17 at 3:40 pm to TigeRoots
quote:
What about receipts for materials, supplies, etc. if work and materials were done and purchased by the homeowner? These + repairs add up to more than FEMA provided (and no Insurance), but would not necessarily be related to a reduction in FMV.
Any tax professionals or anyone with experience care to chime in?
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