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IRS Tax Question: If you have a casualty loss from hurricane
second opinion] IRS Tax Question: If you have a casualty loss from hurricane harvey, are you not allowed to carry it back as an NOL since it's a nonbusiness deduction (line 6, page 6: https://www.irs.… read more
Carter McBride
Carter McBride
LLM
1,343 satisfied customers
IRS Tax Question: Do you need to itemize your deductions to
IRS Tax Question: Do you need to itemize your deductions to have a casualty loss carryover for Hurricane Harvey? Is it not possible to do that with the standard deduction? Please provide references.… read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
199 satisfied customers
Mr. McBride. I have a client whose house burned down in the
Hi Mr. McBride. I have a client whose house burned down in the Santa Rosa, CA fires in October. We decided to take the loss on 2017 return. There is a significant loss, more then what she can use on t… read more
Carter McBride
Carter McBride
LLM
1,343 satisfied customers
IF A RESIDENCE WAS DAMAGED IN A QUALIFIED DISASTER AREA IN
IF A RESIDENCE WAS DAMAGED IN A QUALIFIED DISASTER AREA IN 2016 AND REPAIRS WERE NOT COMPLETED AND PAID FOR UNTIL 2017, DO I AMEND THE 2016 RETURN TO CLAIM THE CASUALTY LOSS OR CLAIM IT IN 2017?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,976 satisfied customers
I had a mobile home. Due to hurricane Irma I ended up just
I had a mobile home. Due to hurricane Irma I ended up just signing it over to the mobile home park. I had need of a new roof. Mold was in my house. I had two tarps on the room, the last rain we had it… read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
I understand the new tax law just passed waives the penalty
I understand the new tax law just passed waives the penalty for withdrawal of retirement and that a reduction of the casualty loss by 10% of income is no longer taken. I have also been told that the c… read more
abci168
abci168
Principal
27 satisfied customers
Had a substantial casualty loss due to Sandy in 2012.
Had a substantial casualty loss due to Sandy in 2012. Claimed the loss on my tax return in 2013. Resulted in -$39000 in taxable income and zero tax for 2013. 1. Does the extra unused loss of this $390… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,654 satisfied customers
In a federally declared disaster you can take the casualty
In a federally declared disaster you can take the casualty loss in current year or previous year, correct? If go previous year must amend Second question, if your casualty loss is for your home and pe… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
This year due to emergency surgery, line 41 on my return is
This year due to emergency surgery, line 41 on my return is going to be a big negative number. Although I am not a federally declared disaster area etc, I would like to treat this as a casualty loss a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Hi...I have a new question for you. I have itemized Schedule
Hi...I have a new question for you. I have itemized Schedule A due to theft/casualty/calamity. It is way more than I owe in taxes...How do I make it carry over for future years on my 1040… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My home was partially destroyed due to the Colorado floods
My home was partially destroyed due to the Colorado floods last weekend and we do not have flood insurance. I read that the loss of property value to my home could be a tax deduction and, because we a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can you deduct recently discovered damage from Hurricane Ike Live
Can you deduct recently discovered damage from Hurricane Ike? Live in Disaster zone. Previously deduducted know damage, but recently discover "hidden" damage. Discovered and repaired in 2010.… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
When you suffer a loss due to natural disaster, and the loss
When you suffer a loss due to natural disaster, and the loss exceeds your income during the year of the event, how do you realize the remaining loss? Is there a carry over option for the residual loss… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Re Casualty loss During the summer and fall of 2008 an emergency
Re: Casualty loss During the summer and fall of 2008 an emergency was declared in Kentucky in regard to dry weather. In the latter part of 2008 I noticed the foubdation of my home had dropped and caus… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Losses - The basement of my home flooded in May 2008 due to
Losses - The basement of my home flooded in May 2008 due to excessive rain. The ground became saturated after four consistent days of raining and the water backed up and ran into my basement. I lost e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,654 satisfied customers
Does the sudden evaporation of credit with the credit crunch,
Does the sudden evaporation of credit with the credit crunch, and subsequent loss of a deposit on a purchasing a business/investment real estate qualify as a casualty loss. At first glance it meets th… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I lost my home and all my property in a federally declared
I lost my home and all my property in a federally declared disaster in early dec 2007. I was told I can claim my losses two years in a row. I claimed half of my losses last year, is it true I can clai… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Due to an ice storm and support of a Major Disaster declaration
Due to an ice storm and support of a Major Disaster declaration by the President, can I claim tree removal as a casualty loss on my return?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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