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IRS Hurricane Harvey taxes: If you have a hurricane Harvey
IRS Hurricane Harvey taxes:If you have a hurricane Harvey casualty loss on a rental property in 2017 and your AGI is over $150,000, can you claim any loss in 2017? Is it carried over? What happens if … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,926 satisfied customers
IRS tax question: If you have a rental property that was
second opinion] IRS tax question:If you have a rental property that was damaged in Hurricane Harvey, can you deduct the repairs that you paid in 2018 or do you have to take a casualty loss on the prop… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
1,033 satisfied customers
I work as an independent contractor from my home office, but
I work as an independent contractor from my home office, but due to the flood with Hurricane Harvey, I had to move out and rent an apartment for my living and work space. Do I calcuate my rental expen… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,926 satisfied customers
My son-in-law and daughter bought a flooded out home from
my son-in-law and daughter bought a flooded out home from the harvey hurricane in jan. of this year 2018. They paid 91,000. as is and have started repairing it, so far they have spent 41,000. and est … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,894 satisfied customers
I received 200k for structure from hurricane harvey. I then
I received 200k for structure from hurricane harvey. I then sold the remains to investor for 132k in same year 2018. I paid 119k in 1998 for the house. Do I ow … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I have a question regarding the application of disaster
I have a question regarding the application of disaster related relief on my 2018 taxes. I see that there is relief for penalties related to early withdrawals of qualified retirement funds if certain … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,926 satisfied customers
I am a 1120-S corporation, it is a beauty retail business
I am a 1120-S corporation, it is a beauty retail business and it was flooded during Hurricane Harvey. I have no flood insurance and spent $80,000 to repair the flood damages. Before the flood, my busi… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
487 satisfied customers
I have 2 questions: 1. I have several rental properties in
I have 2 questions:1. I have several rental properties in 2017. 2 of them flood during Hurricane Harvey, I did not have flood insurance. I had to spend $40K on the first property and 70k on the second… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
IRS tax question: What is the best way to determine the fair
IRS tax question: What is the best way to determine the fair market value of a rental property after a casualty loss like Hurricane Harvey? What if it wasn't appraised? Can it still be appraised even … read more
Barbara
Barbara
Enrolled Agent, Paralegal
10,701 satisfied customers
IRS Tax question: This is the situation: House Purchased for
IRS Tax question: This is the situation: House Purchased for $40K in 1986. Hurricane Harvey destroyed the house and they got $180,000 in insurance reimbursements. Will they have a casualty gain? Pleas… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,926 satisfied customers
I am filing losses from Hurricane Harvey, When filing a 4684
Second opinion] I am filing losses from Hurricane Harvey, When filing a 4684 do I need to do a separate form for each item or can I total all the items and file one form? Also i lost everything in my … read more
Carter McBride
Carter McBride
LLM
3,246 satisfied customers
I have a question about hurricane casualty loss. I'm
I have a question about hurricane casualty loss. I'm preparing an 1065 for a partnership with a rental property that got heavily damaged in Harvey. The building had an adjusted basis at the time of th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I was affected by Hurricane Harvey and need to know how to
I was affected by Hurricane Harvey and need to know how to handle, IRS-wise. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,926 satisfied customers
We purchased a home as an investment property - 12/31/12 for
We purchased a home as an investment property - 12/31/12 for my daughter to live in with intention she would buy from us. (At the time, she was going thru a divorce so she did not want to purchase ano… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Realestate/Tax Question. My mother is currently in her early
Realestate/Tax Question. My mother is currently in her early 70s living in PA. She sold her house in equal shares to her three children for $1 each several years ago. This was to avoid the potential o… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,926 satisfied customers
I am a photographer making fine art work that I sell to collectors
I am a photographer making fine art work that I sell to collectors and museums. I had an exhibition of twenty framed, crated pieces that was completely destroyed when hurricane Ivan flooded the Galves… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
My husband and I purchased a home for his mother over 25 years
My husband and I purchased a home for his mother over 25 years ago. She, her husband and my husband were initially on the deed. We paid the mortgage and claimed the interest and taxes on the home duri… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
We own a lake home that is currently for sale. We had done
We own a lake home that is currently for sale. We had done a lot of major updating, some receipts, some not. January 2008 we had pipes burst and the home had over $50K worth of damage that had to be r… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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