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- Tax Deductible
Tax Deductible
Casualty losses not compensated for by insurance or otherwise are generally tax deductible only in the year the casualty occurred. Consider the following:
If you have a tax deductible loss from a disaster in an area that is officially designated by the President of the United States as eligible for federal disaster assistance, you can choose to deduct that loss on your return for the year immediately preceding the loss year.
You may treat the loss as having occurred in either the current year or the previous year, whichever provides the best tax results for you.
If you have already filed your return for the preceding year, the loss may be claimed by filing an amended return. For more information CLICK HERE
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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