Hurricane Season Is Coming

Dated: 05/29/2014

Views: 902

Everyone needs a tax break.  If you experience losses from hurricanes, floods and other disasters that aren't covered by your home owners insurance policy, you may be able to recover some of the costs your insurance doesn’t reimburse when you file your taxes. Losses from hurricanes, floods and other disasters that aren’t covered by your policy are deductible, if you itemize your deductions. You won’t be able to deduct the entire amount of your losses, however. First, you’ll have to reduce the amount of your loss by $100. Then, you can deduct only the amount that exceeds 10% of your adjusted gross income. For example, if you suffered $30,000 in unreimbursed losses and your AGI is $200,000, you would subtract $100, then subtract $20,000 (10% of your AGI) from the $29,900 balance, bringing your deduction to $9,900.  
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Janis St. Onge

I am a certified Short Sale and Foreclosure Resource (SFR) who works with first time home-buyers, empty-nesters and investors. Call me today and let me be your eyes and ears in the Charleston tri-cou....

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