• Menu
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Sonny Florida Real Estate

Florida Luxury Homes from Sonny Solomon

Header Left

Header Right

Header Left

Header Right

  • Home
  • Luxury Home Communities
    • Boca Raton Luxury Homes
    • Palm Beach Luxury Homes
    • Singer Island Luxury Homes
    • Treasure Coast Luxury Homes
    • Vero Beach Luxury Homes
  • Tips & Resources
    • For Home Buyers
    • For Home Sellers
    • Mortgage Tips
  • About
    • Meet the Team
    • Testimonials
    • Contact Us
  • Home
  • Luxury Home Communities
    • Boca Raton Luxury Homes
    • Palm Beach Luxury Homes
    • Singer Island Luxury Homes
    • Treasure Coast Luxury Homes
    • Vero Beach Luxury Homes
  • Tips & Resources
    • For Home Buyers
    • For Home Sellers
    • Mortgage Tips
  • About
    • Meet the Team
    • Testimonials
    • Contact Us

Advice On Florida Real Estate Casualty Loss Tax Write-offs

Advice on Florida real estate casualty loss tax write-offs offered by Sonny Solomon at The Keyes Company

November 22, 2013 //  by Sonny Solomon

The Internal Revenue Service (IRS) offers a tax deduction for home casualty losses. This is an itemized deduction, so qualification depends on the personal finances of a taxpayer. Deductions drop taxable income and the amount of tax owed, and can therefore be helpful to a home owner. This article provides advice on Florida real estate casualty loss tax write-offs.

Definition of a Casualty Loss

The Internal Revenue Service defines a casualty loss as the “damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual.” It can relate to natural disasters such as tornados or man-made ones such as fire. There are other restrictions offered in IRS Publication 547: Casualties, Disasters and Thefts.

Deduction Options

When to Deduct

If the damage took place during an presidentially declared disaster, then you can resubmit your tax return from the previous year to deduct the loss. This can result in a tax refund. Otherwise, property owners must hold off until the next tax filing.

Deduction Amounts

First and foremost, the deduction is only available for damage not covered by insurance and other sources of aid. The total of a deduction depends on the reduction in fair market value of a home as a result of the damage or destruction, the income of the tax payer, and other factors. Federal and state tax laws could vary.

About Advice On Florida Real Estate Casualty Loss Tax Write-offs

Always connect with a tax advisor regarding deduction qualifications, calculating exact amounts, and adapting to federal and state calculations. This blog includes advice on Florida real estate casualty loss tax write-offs and is intended to make you knowledgeable on possible deductions. It does not in any way guarantee that you will be able to include deductions on your specific tax return.

Category: Home RepairTag: Florida, taxes

About Sonny Solomon

I am here to help you! I will do everything for you: Safeguard your interests, negotiate prices, arrange financing, and manage the closing. And the best news is that my services are free to you. There are no hidden charges or obligations, because all fees are paid by the sellers. Contact me for assistance with your home search.

Previous Post: « Tips On Comparing Multiple Offers On Florida Properties
Next Post: The Difference Between Custom Home Builders And Production Builders In Florida »

Primary Sidebar

Blog Topics

  • Boca Raton FL (2)
  • Real Estate Information (142)
    • Home Buyer (61)
    • Home Repair (21)
    • Home Seller (23)
    • Market Updates (4)
    • Mortgage Info (42)
  • Singer Island FL (1)
  • Treasure Coast FL (1)
  • Boca Raton Homes (1,788)
  • Palm Beach Homes (676)
  • Singer Island Homes (29)
  • Palm Beach FL (8)

Find Content

Site Footer

Copyright © 2023 Sonny Florida Real Estate · All Rights Reserved · Powered by Lanergy Solutions