|
Posted by Tax Tip on June 25, 2008, 8:34 am
Please log in for more thread options
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=92t replaced the garage door and don=92t have any
expenses
because you didn=92t fix anything, you can deduct the cost of damages
incurred as a casualty expense.
Casualty losses on rental property are reported on IRS Form 4684.
To learn more about how to take control of your real estate
investments, check out our resources: TReXGlobal.com.
Community Relations TReXGlobal.com
( http://www.trexglobal.com )
Simple FREE to Use Web Tools for Real Estate Investors
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap