- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Tax write offs for people who flooded?
Posted on 1/16/17 at 10:09 pm to tigers win2
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.
2
Posted on 1/17/17 at 12:59 am to Gainesville_Dawg
I read on the IRS website that it's no longer $100 and 10% of your agi. The new rule is a flat $500 dollats.
So.. I'd check with a cpa.
I'll look for a link and update this post if I find it.
So.. I'd check with a cpa.
I'll look for a link and update this post if I find it.
Posted on 1/17/17 at 8:19 am to Gainesville_Dawg
quote:
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.
We had just purchased the house 2 months before the flood so I know what it was worth then. The tax assessors office used a 20% decline in value for 2016 tax purposes, which would be close to 50K. If I look at total damage to the structure, I'm probably looking at closer to 80K not including personal property.
We also did not have any insurance, but did receive some FEMA money. I don't know how that would factor in.
This post was edited on 1/17/17 at 8:22 am
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News