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Property Management Software

Blog by Niman Singh
Fremont, California
T-ReX Property Management Software for real estate investors to save them TIME and MONEY

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How to Deal with a Casualty
Posted at Property Management Software by Niman Singh
May. 22, 2008
Categorized in: Property Management Software
Tagged with: real estate professionals, taxtips
Starred by: 2 Members
Have you ever had to deal with a CASUALTY LOSS?

Here's why I ask:

Losses incurred because of a casualty, disaster, or theft can be tax-deductible.

These losses may be limited, but they are certainly deductible.
For Example: Your tenant runs their car through the garage door
Even though you haven't replaced the garage door, and don't have any expenses to write off because you didn't fix anything, you can deduct the cost of damages incurred as a casualty expense.
The loss you claim will be reduced by any reimbursements you receive (like insurance).
To claim a casualty loss, you must full out IRS Form 4684.
To learn more about how to save money and lower taxes using real estate investments, check out these resources.

RealTaxTips.com

Niman Singh
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