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re: Tax write offs for people who flooded?
Posted on 1/16/17 at 8:27 pm to Glock17
Posted on 1/16/17 at 8:27 pm to Glock17
Edit: just saw taxingtiger comments. I'm guessing he/she may be tax professional given the name.
I hope a tax professional will chime in on this.
I didn't flood but was at a lunch and this question was asked. A CPA said there are no deductions you can take for personal property losses due to flood. If you had a business that operated from the home there were some things you could do, but if only your home there was nothing you could deduct.
I may have misheard the conversation, but I don't think so.
I hope a tax professional will chime in on this.
I didn't flood but was at a lunch and this question was asked. A CPA said there are no deductions you can take for personal property losses due to flood. If you had a business that operated from the home there were some things you could do, but if only your home there was nothing you could deduct.
I may have misheard the conversation, but I don't think so.
This post was edited on 1/16/17 at 8:29 pm
3
Posted on 1/16/17 at 9:08 pm to tigers win2
quote:
A CPA said there are no deductions you can take for personal property losses due to flood.
Hope that's not your CPA.
Posted on 1/16/17 at 10:09 pm to tigers win2
That CPA would be wrong. As mentioned above, you can deduct the lesser of (1) your basis in the property lost or (2) the FMV decline of the property. Take that amount, less insurance proceeds, less $100, less 10% AGI.
Posted on 1/17/17 at 8:28 pm to tigers win2
This is terrible advice. Hopefully you misheard him. Home, contents, landscaping, etc. All would be eligible.
Regarding the 10% of AGI, we (our firm) contacted Bill Cassidy multiple times trying to get that waived, but they avoided the question. That threshold was waived for Katrina. It's chicken $hit that they won't waive that threshold for this disaster.
Regarding the 10% of AGI, we (our firm) contacted Bill Cassidy multiple times trying to get that waived, but they avoided the question. That threshold was waived for Katrina. It's chicken $hit that they won't waive that threshold for this disaster.
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