RealTown HomeBlogsTips from T-ReXTaxTipsHow to Deal with a Casualty

Tips from T-ReX

Blog by T-ReX Global
Fremont, California
T-ReX creates simple Web Tools for real estate investors to save them TIME and MONEY

Categories

Subscribe

Your E-mail Address:
Subscribe to:

Archive

Favorite Links

RealTown Blogs

Blogs Homepage
Featured Entries
Recent Entries
Recent Comments
Vendor Blogs
Tags
My Starred Entries
Create A Blog
Log In

Site Feed

RSS Feed

Members that have starred this entry:

Fremont, California
T-ReX Global has starred 25 Blog Entries.

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
Permanent Link | Comments (0) | Write a Comment | Send Link

User Comments

There are currently no user comments for this entry. Be the first to post a comment!

Write a Comment
Your Name:  RealTown Members: Click here to login
Your E-Mail: 
Your Website: 
Subject: 
Your Comment: 
If the editor doesn't appear, please click here.
Notifications: 
Privacy: 
Verification: 
To verify that you are a human and not a script, please enter the verification word from the image into the box on the right.
 
Copyright © 2008 InternetCrusade®. All Rights Reserved.
Loading, please wait...