- Casualty Loss Can Generate Massive Tax Deductions By:-Pat Oconnor
A casualty loss may occur as a result of a flood, hurricane, tornado, mudslide or other natural disaster. The intuitive thought pattern is: “My apartment complex worth $5,000,000 suffered major damage totaling $1,500,000 for repairs and rent loss. Fortunately, I was completely covered for both physical damage and rent loss, other than a small deductible. There is clearly no casualty loss I can claim as a tax deduction, right?”
- Casualty Losses By:-Pat Oconnor
Hurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit – casualty loss tax deductions.
- Casualty Loss Hurricane By:-Pat Oconnor
Hurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit – casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if either personal or business property was damaged by Hurricane Ike.
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