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re: can we discuss dos/don'ts for tax filings for flood victims?
Posted on 1/15/17 at 5:09 am to Ramblin Wreck
Posted on 1/15/17 at 5:09 am to Ramblin Wreck
quote:
I didn't have flood insurance, but did deduct my FEMA money.
I'm wondering if this is required. I believe you deduct flood insurance payments but FEMA disaster assistance might be handled differently.
1
Posted on 1/15/17 at 10:37 pm to CajunTiger92
No, you'll need to factor in the FEMA funding and homeowners insurance reimbursement. If your reduction in FMV is $100K and your received total reimbursement of $75K, you have a net loss of $25K.
For those asking about repair materials/etc. If you haven't had an appraisal to determine your loss (and many haven't), I'd use your repair cost to approximate your loss. Some consideration may need to be given to the age of the home. Total replacement cost is a fair approximation of the decrease in FMV on a newer home.
For those asking about repair materials/etc. If you haven't had an appraisal to determine your loss (and many haven't), I'd use your repair cost to approximate your loss. Some consideration may need to be given to the age of the home. Total replacement cost is a fair approximation of the decrease in FMV on a newer home.
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