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Anyone aware of tax breaks during 2020 hurricane year?
Posted on 2/3/23 at 2:41 pm
Posted on 2/3/23 at 2:41 pm
Someone asked me if I got a large refund due to my house being damaged. Anyone know what they are referring to? I had a good amount of damage (about a 180k claim) and was out of my home for about 3 months.
4
Posted on 2/3/23 at 3:02 pm to MikeDaTiger23
quote:
If your property is damaged or destroyed from a declared disaster (called a casualty loss), you may deduct that loss on the federal income tax return for the year in which the casualty occurred. Or, you can deduct the loss on the tax return for the preceding tax year. You may choose which of those two tax years provides the better tax advantage, but any reimbursement you receive from insurance cannot be deducted from your taxes. Remember, this does not include normal wear and tear or progressive deterioration, says the IRS.
LINK
Posted on 2/3/23 at 7:35 pm to slackster
Wait I had some damage from Ida but I didn’t know about this. Is it too late for me to do an amendment or whatever to my 2021 taxes?
Posted on 2/3/23 at 8:25 pm to TDsngumbo
You would need to file an amended 2021 tax return to claim the casualty loss.
Posted on 2/3/23 at 9:17 pm to hedgediver
Thanks
Posted on 2/5/23 at 10:15 pm to MikeDaTiger23
If you had a really high deductible, you might have some deductible losses.
Posted on 2/5/23 at 10:52 pm to MikeDaTiger23
I'm still using my damage from Harvey as a casualty loss. I believe it's 3k per year max.
Posted on 2/6/23 at 9:01 pm to MikeDaTiger23
This sounds like a refund for a loss in value of your home. There are specific rules the IRS has for making this claim, you may want to talk to an accountant. You will need to establish a before and after value to your home. One of those will need to be done by an appraiser. If you received an insurance payment for damages, that will likely reduce the loss you can claim
Info from IRS
IRS Link
Info from IRS
IRS Link
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