Elgin Area Chamber Of Commerce: Disasters And Your Taxes: What You Need To Know

Elgin IL

21 September, 2021

3:30 AM

Description

Press release from the Elgin Area Chamber of Commerce: September 20, 2021 Can't see the table below? Click here to view the original story.   Disasters and your taxes: What you need to know Eligibility for the casualty loss deduction The role of reimbursements The loss amount vs. the deduction The adjusted basis of the property immediately before the loss (generally, your original cost, plus improvements and less depreciation), or The drop in fair market value (FMV) of the property as a result of the casualty (that is, the difference between the FMV immediately before and immediately after the casualty). The requisite records That you were the owner of the property or, if you leased it, that you were contractually liable to the owner for the damage, The type of casualty and when it occurred, That the loss was a direct result of the casualty, and Whether a claim for reimbursement with a reasonable expectation of recovery exists. Additional relief https://bit.ly/3nzF2ui A team effort www.tko.cpa This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author's own.