Details On Staten Island NY Home Casualty Loss Tax Deductions

The federal government offers a tax deduction for property casualty losses. This is an itemized deduction, so applicability depends on the personal finances of a taxpayer. Deductions decrease taxable income and the amount of tax due, and can therefore be useful to a home owner. This blog provides details on Staten Island NY home casualty loss tax deductions. Definition of a Casualty Loss The IRS considers a casualty loss as the "damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual." It may relate to natural disasters such as floods or man-made ones such as fire. There are other restrictions offered in IRS Publication 547: Casualties, Disasters and Thefts. Deduction Tips Applicable Tax Year If the loss occured during an presidentially declared disaster, then you can resubmit your tax return from previous years to deduct the damage. This will likely lead to a tax refund. Otherwise, property owners must delay until the next tax filing. Deduction Amounts First and foremost, the deduction is only applicable to costs not reimbursed by insurance and other resources. The sum of a deduction is calculated by the decrease in market value of real estate caused by the damage or destruction, the income of the home owner, and a few other factors. Federal and state tax laws can differ. About Details On Staten Island NY Home Casualty Loss Tax Deductions Always touch base with accountant on deduction qualifications, determining amounts, and adapting to federal and state returns. This blog includes details on Staten Island NY home casualty loss tax deductions and is intended to make you knowledgeable on potential deductions. It does not at all guarantee that you will be able to use deductions on your specific tax return.