Blog

Tips on Massachusetts real estate casualty loss tax write-offs

There are tax benefits for home casualty losses. An itemized deduction is required, so whether it may be applied depends on your tax situation. Deductions drop taxable income and subsequently the taxes due. This blog offers tips on Massachusetts real estate casualty loss tax write-offs.

What Is a Casualty Loss

The federal government considers a casualty loss as the "damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual."It can take place with weather conditions such as tornados. Non-weather-related activities such as fire can also qualify. There are other classifications offered in IRS Publication 547, which may be seen online at: http://www.irs.gov/publications/p547/index.html.

Information About Taking the Deduction

When to Take It

When you can take the deduction is determined by a very important event. If the damage took place during a President-declared disaster, then you may resubmit your tax return from previous years to deduct the damage. This will likely lead to a tax refund. If not, home owners must hold off until the next tax cycle.

Deduction Amounts

It is important to know that the deduction is only applicable to items not covered by insurance and other types if aid. Several things such as amount of damage, income levels, and tax brackets affect the calculation of the deduction. Laws may differ at the federal and state level.

About Tips On Massachusetts Real Estate Casualty Loss Tax Write-offs

Reach out to a tax advisor regarding tax deductions, calculations, and variations in federal and state amounts. There might be additional home ownership deductions that you can qualify for. The above contains tips on Massachusetts real estate casualty loss tax write-offs and is intended to make you aware of possible deductions. It should not be construed as accounting advice.

It's only fair to share...Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestEmail this to someone
About Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

Ask Chris A Question..

Please fill out the form below and I will follow-up with you promptly.

* indicates required field