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Welcome to the AAOA Forum, where we discuss the the topics our members want to hear and want to talk about. We like to take an active roll in the online community to help our members learn and help educate landlords new and old. We encourage you to participate and join in our discussions. Thanks.
Crucial Tax Tips for Landlords, #10
Deduct Losses Even If No Expenses
Losses incurred because of a casualty, disaster, or theft may be tax-deductible. A casualty is a loss of property (including damage and destruction) due to a sudden event that is identifiable, unexpected, and unusual. These losses may be limited, but they are deductible as a rental activity expense.
For example, your tenant runs their car through the garage door. Even though you haven’t replaced the garage door and don’t have any expenses because you didn’t fix anything, you can deduct the cost of damages incurred as a casualty expense.
Casualty losses on rental property are reported on Schedule A from IRS Form 4684, and are not subject to the 2% AGI limitation or $100 deduction.
Everyone’s tax situation is different, and this information should not substitute professional advice. Taxpayers should always consult with their tax advisors to consider specific factors that might affect their situation.
For more Tax Tips and FREE Property Management Software for real estate investors, check out TReXGlobal.com.
Filed under: AAOA Forum
Sound advice. Thanks. I’m going to link to this on
<a href=”http://commercialmortgageloan.wordpress.com/”our blog so others can benefit.
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