There is only so much you can do to protect your property from severe weather events. But what you can do in the wake of a tropical storm, flash flooding, or other natural disaster is turn to experienced tax professionals for accurate guidance about what casualty losses are deductible and how much you can claim.
While business owners are allowed to claim 100% of their casualty losses, the rules are not so simple for homeowners. Unfortunately, at a time of tremendous financial upheaval, you still have to face a second round of possible losses in the form of missed deductions.
Whether your home has been damaged by hurricane-force winds, devastating flash floods, or even costly break-ins, you may be eligible to recover some of your casualty losses as part of your next tax return. To help you get the full tax benefit you deserve, it’s important to work with tax consultants who are well versed in dealing with personal property casualty losses.
If the President declares your region a disaster area, then you have a bit more flexibility in when you can claim your casualty loss deductions. In these cases, casualty losses are considered disaster losses, and the tax implications are somewhat different.
Ideally, your homeowner’s insurance will cover the full market value of your property damage. But insurance doesn’t always come through the way you would hope. That’s when you need the reliable tax assistance of Taxation Solutions, Inc. to help you weather the devastation of serious casualty losses by helping you get the full tax deductions you deserve. In San Antonio and the surrounding area, you can always count on us!