Click Here For The Special Offer
Search REIClub Website
Site Navigation
Investor Information
Home
Investing Newsletter
Real Estate Articles
Success Stories
Real Estate Blog
Free Books, Audios
Recommended Books
Investing Glossary
Investing Abbreviations
Real Estate Products
No Risk Guarantee
Best Sellers
All Investing Products
Real Estate Courses
Real Estate Books
Real Estate Ebooks
Real Estate Seminars
Real Estate Games
Special Offers
Investor Resources
Hard Money Lenders
Real Estate Clubs
Proof of Funds Letter
Property Value Reports
Business Tools
Cashflow Clubs
Tax Appraisal Districts
State Property Codes
Newsgroup Forums
Beginners, Carlton Sheets
Bird Dogs, Wholesaling
Foreclosures, Short Sales
Sub2, Lease Options
Rehabbing, Landlording
Financing, Hard Money
Asset Protection, Legal
Commercial, Mobile Homes
Real Estate Marketing
Random Ramblings
Site Information
About Us
Advertise on REIClub
Contact REIClub
Link to REIClub
Great Shopping Cart
For Your Website
Click Here Now!
--------------------------
Proof of Funds Letter
Immediate Download
Click Here Now!
Welcome,
Guest
. Please
login
or
register
.
Did you miss your
activation email?
March 20, 2010, 06:53:57 PM
Free Newsletter
Subscribe today and get
four free bonus gifts!
Name:
Email:
Click Here to Register for the Discussion Forums
Real Estate Investing Forums
|
Real Estate Investing
|
Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges
(Moderators:
$Cash$
,
Bluemoon06
,
kdhastedt
,
Mdhaas
,
propertymanager
,
fadi
) | Topic:
Catastrophic loss deduction?
« previous
next »
Pages:
[
1
]
Author
Topic: Catastrophic loss deduction? (Read 609 times)
siloxtreme
Member
Offline
Posts: 57
Catastrophic loss deduction?
«
on:
February 05, 2010, 09:45:45 AM »
Hey All,
Last year in my rental property I had tennants who completely destroyed the place. From water damage to plumbing, to the walls, etc..
The insurance didn't cover all of the repairs and I've been losing money and spending lots of money to fix it back up.
Can I claim the catistropic loss deduction in my taxes?
Report to moderator
Logged
taxlienadvisor
Member
Offline
Posts: 195
Re: Catastrophic loss deduction?
«
Reply #1 on:
February 07, 2010, 05:30:51 AM »
I would say put it in there...if it gets rejected it gets rejected.
I'm not an atty, but as long as it is not illegal to do so, I dont see the harm in trying to recoop your losses. Have you tried calling a tax service to check if they have ever filed a claim like this on someone else's behalf?
Report to moderator
Logged
Michael Callahan
Tax Defaulted Property Specialist
321.459.1001
mcwagner
Member
Offline
Posts: 1730
Re: Catastrophic loss deduction?
«
Reply #2 on:
February 08, 2010, 10:48:28 AM »
If you filed an insurance claim, you can take a casualty loss (form 4384). File a police report, if you still can.
Report to moderator
Logged
Mark Wagner, CPA, LLC
Certified Public Accountant
Dave T
Member
Offline
Posts: 2705
Re: Catastrophic loss deduction?
«
Reply #3 on:
February 10, 2010, 11:59:58 PM »
You are allowed to deduct the unreimbursed cost of repairs for your rental property on your Schedule E anyway.
Use the catastrophic loss deduction when your primary residence is involved and insurance does not cover the claim.
Report to moderator
Logged
From My Favorites:
Property Flip Store
mcwagner
Member
Offline
Posts: 1730
Re: Catastrophic loss deduction?
«
Reply #4 on:
February 11, 2010, 08:43:55 AM »
my read is that significant repairs would be considered a renovation to be capitalized.
The loss for the undepreciated FMV of the original property should be taken on 4684.
I guess the approach depends on the significance of the damage/repairs.
Report to moderator
Logged
Mark Wagner, CPA, LLC
Certified Public Accountant
Pages:
[
1
]
Real Estate Investing Forums
|
Real Estate Investing
|
Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges
(Moderators:
$Cash$
,
Bluemoon06
,
kdhastedt
,
Mdhaas
,
propertymanager
,
fadi
) | Topic:
Catastrophic loss deduction?
« previous
next »
Jump to:
Please select a destination:
-----------------------------
Real Estate Investing
-----------------------------
=> Carlton Sheets, Beginners, Courses, Gurus, General Forum
=> Bird Dogs, Wholesaling, Flipping Properties Forum
=> Foreclosures, Short Sales, Tax Foreclosures, Tax Liens Forum
=> Sub2, Owner Finance, Options, Lease Options Forum
=> Rehabbing, Landlording Forum
=> Financing, Hard Money Lenders, Credit, Qualifying
=> Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges
=> Commercial, Mobile Homes, Self Storage, Notes, Land Forum
=> Marketing Forum
=> Random Ramblings
1 Hour
1 Day
1 Week
1 Month
Forever
Login with username, password and session length
Powered by SMF 1.1.8
|
SMF © 2006-2010, Simple Machines LLC
Loading...
Anti-Spam Policy
|
Compensation Disclosure
|
DMCA Notice
|
Earnings Disclaimer
|
External Links Policy
|
Privacy Policy
|
Terms And Conditions
|
View Cart
©2002-2010 All Rights Reserved. REIClub.com