How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Taxtom Your Own Question

Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2340
Experience:  25 Years in preparing Personal and Business Tax Retuns
21049508
Type Your Finance Question Here...
Taxtom is online now
A new question is answered every 9 seconds

My House was recently flooded in brisbane, It was brought 5

Customer Question

My House was recently flooded in brisbane, It was brought 5 years ago using the first home buyers grant on a no deposit type loan. I did not have insurance and am having to pay for the repairs myself. the damage was extensive, requiring repairs to the 1st and 2nd levels of the property and I believe that repairs if carried out by myself and a few friends of mine who are tradesman I dont think i will see much change out of $30,000.00. all of which I will have to find myself as I dont live in the property, it has been rented out since july 08, when worl commitments forced me to move to another part of the state. This is my only rental property, that I top the rent up with around $450 a month to meet the mortgage payments. I am not eligible for any financial assistance from the federal or state government, no disaster relief payments, as it was not my primary residence. My current salary is $110,000.00
My questions are
1. Is there any other financial assistance/grants that I may be eligible for?
2. What repairs can I claim for, come tax return time?
3. Will I have to pay the flood levy?
Submitted: 3 years ago.
Category: Finance
Expert:  Shawn P Adamo replied 3 years ago.

Shawn P Adamo, QFP, CPA/P :

1. I doubt it but check withy FEMA (if they declared it a disaster zone, then yes you should be eligible).

Shawn P Adamo, QFP, CPA/P :

2. Claim them all against rental income.

Shawn P Adamo, QFP, CPA/P :

3. I am unsure what "flood levy" you refer to.

Shawn P Adamo, QFP, CPA/P :

why do you NOT claim this as a primary residence as you only rent out the second floor? Where is your residence in your mind?

Shawn P Adamo, QFP, CPA/P :

If this does not answer your question please let me know.

If this answers your question please click the green ACCEPT button and leave Positive Feedback

Customer :

I rent out the whole house, I live in mount isa the house is in brisbane, the new flood levy I am talking about where the government plan on taking 1% more a week or something from your pay to finance 1.8 billion dollars for the flood bill, its new and people who earn over $100.000.00 pa have to pay it, but am i exempt?

Customer :

I need an australian financial expert

Expert:  Taxtom replied 3 years ago.
Hello, I am actually in the United States but I will try to help since your question has been unanswered for so long. I have found some assistance under the Small Business catagory. There is some direct assistance and low interest loans http://www.business.qld.gov.au/disaster-recovery/flood-business-financial.html Thank You Tom

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    2073
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
< Last | Next >
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    2073
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    1890
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    1755
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg JKCPA's Avatar

    JKCPA

    CPA

    Satisfied Customers:

    838
    Bachelors degree and CPA with Accounting experience.
  • http://ww2.justanswer.com/uploads/starside8/2010-2-16_55433_DSCN1175.JPG Eric's Avatar

    Eric

    Financial Manager

    Satisfied Customers:

    558
    Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
  • http://ww2.justanswer.com/uploads/FA/fastfile/2011-12-15_23139_Klein2011small.64x64.jpg R. Klein, EA's Avatar

    R. Klein, EA

    Accountant

    Satisfied Customers:

    397
    Intuit Ask a Tax Expert. QuickBooks Certified Pro Advisor (all editions)
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    324
    NASD Licensed Rep, 1997-2001, Business Attorney