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Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges
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Catastrophic loss deduction?
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Topic: Catastrophic loss deduction? (Read 1399 times)
siloxtreme
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Posts: 66
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?
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taxlienadvisor
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Posts: 307
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?
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Michael R Callahan
Tax Defaulted Property Advisor
http://SEOAmerica.us
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mcwagner
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Posts: 1892
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.
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Mark Wagner, CPA, LLC
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Dave T
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Posts: 2952
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.
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mcwagner
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Posts: 1892
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.
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Mark Wagner, CPA, LLC
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