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Landlords, Rental Property owners, Property Managers and Property Management companies in Alabama, Mississippi, Kentucky and Tennessee – Did you suffer financial losses with the 2010 floods? If you have damaged or lost property in a location declared by the President as a major disaster area, you may be able to get money back from IRS right now.
IRS is postponing certain deadlines for taxpayers who reside or have a rental properties or property management businesses in the disaster area.
Alabama – If you have residential rental property or reside inDeKalb, Marshall and Walker, you may qualify for tax relief from the Internal Revenue Service. You have time till June 23 to file your Tax Returns.
Kentucky – If you have residential rental property or reside in Adair, Bath, Boyd, Carter, Casey, Franklin, Greenup, Lewis, Lincoln, Logan, Madison, Marion, Mercer, Metcalfe, Rockcastle, Rowan and Woodford, you may qualify for tax relief from the Internal Revenue Service. You have time till June 30 to file your Tax Returns.
Mississippi – If you have residential rental property or reside in Alcorn, Benton, Lafayette, Tippah and Tishomingo, you may qualify for tax relief from the Internal Revenue Service. You have time till June 30 to file your Tax Returns.
Mississippi – If you have residential rental property or reside in Attala, Choctaw, Holmes, Monroe, Oktibbeha, Union, Warren and Yazo, you may qualify for tax relief from the Internal Revenue Service. You have time till June 23 to file your Tax Returns.
Tennessee – If you have residential rental property or reside in Benton, Cannon, Carroll, Cheatham, Chester, Clay, Crockett, Davidson, Decatur, DeKalb, Dickson, Dyer, Fayette, Gibson, Giles, Hardeman, Hardin, Haywood, Henderson, Hickman, Houston, Humphreys, Jackson, Lauderdale, Lawrence, Lewis, Macon, Madison, Marshall, Maury, McNairy, Montgomery, Obion, Perry, Robertson, Rutherford, Shelby, Smith, Stewart, Sumner, Tipton, Trousdale, Wayne, Williamson and Wilson, you may qualify for tax relief from the Internal Revenue Service. You have time till June 29 to file your Tax Returns.
Property losses not covered by either insurance or government reimbursement might qualify to claim them as casualty loss deductions. If you are an affected property owner in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. You may deduct personal property losses that are not covered by insurance or other reimbursements. For more information, you can contact the IRS.
Read below the tips on casualty loss
Real estate accounting tax tips landlord guide to property damage casualty loss tax deductions
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Landlords, property managers – Casualty loss tax benefits for you is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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