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

Chris Graves, Certified Mortgage Advisor

Providing Mortgage Services in MA, NH, ME, RI and FL

  • Home
  • Mortgage Tips
  • Real Estate Tips
    • Home Buyer Tips
    • Home Seller Tips
    • Market Trends
  • AVM
  • Apply
  • About
    • Contact
    • Profile
    • Testimonials
    • My Zillow Reviews
Home / Real Estate Information / Home Maintenance & Repair / Tips on Massachusetts real estate casualty loss tax write-offs

01.10.18 Home Maintenance & Repair

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 facebook
Facebook
Share on twitter
Twitter
Share on linkedin
Linkedin
Share on google
Google
Share on pinterest
Pinterest
Share on email
Email
Chris Graves's avatar

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.

sidebar

Blog Sidebar

Blog Categories

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

ICYMI

HomeReady Mortgage Program Changes

MA Home Inspection Tips For Home Buyers And Sellers

Overview Of The Qualified Mortgage Rule For MA Loans

Reduced Monthly Mortgage Insurance Rates for FHA Loans Starting January 27, 2017

Stop Waiting, Start Saving

Self Employed Mortgages

Are you or someone you know self employed and are interested in taking out a mortgage? Does the income that you claim on your tax returns not necessary as much as you really make? Well I have the product for you. It is called a bank statement loan! Watch this 49 second video to learn more. I can ... Read More

New Freddie Mac Self Employed guideline

If you are self employed and you are looking to explore your mortgage options you need to listen to this one minute video! Contact Christopher Graves, Loan Officer at 978-376-5389 or PM me here. #selfemployed#selfemployedmortgage ... Read More

Could there be an opportunity brewing in real estate?

Could there be an opportunity in real estate? Listen to this 47 second video to find out how! PM me here or call/text 978-376-5389 for a no cost or obligation analysis. #realestate #purchase #windhamnh #boston #cma #1sttimehomebuyer #investor #massachusettsrealestate #nhrealestate #mainerealestate ... Read More

DSCR Loans

What is a DSCR Loan? The debt service coverage ratio percentage is used by lenders to determine the cash flow on an investment property. This allows the mortgage lender to access the borrower's ability to repay the mortgage loan. The DSCR percentage is calculated by dividing the market rent by ... Read More

What the Recent Fed Hike Could Mean to the Housing Market

To help fight inflation, the Federal Reserve has hiked its benchmark Fed Funds Rate six times this year, including their most recent hike of 0.75%, taking the Fed Funds Rate from 0.25% to now 4.0%. Remember, the Fed Funds Rate is the overnight borrowing rate for banks, and does not directly affect ... Read More

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

Footer

Chris Graves, Certified Mortgage Advisor

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Contact Chris

Direct/Mobile: 978-376-5389
264 South River Rd, Suite 550
Bedford, NH, 03110
603-458-5107 x201

Topics

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

COPYRIGHT 2022 © CHRIS GRAVES, ALL RIGHTS RESERVED