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How to Deal with a Casualty
Posted at Tips from T-ReX by T-ReX Global
May. 22, 2008
Categorized in: TaxTips
Tagged with: real estate professionals, taxtips
Starred by: 1 Member
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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