Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-30-2012, 07:32 PM
Junior Member
 
Join Date: Jan 2012
Posts: 1
storm damage

i was wondering if there is any why i can claim storm damage to my proporty on my income taxes? i live in wisconsin and we where hit with 130 mph straight line winds. the governor declaired a state of emergency. i did not have any buildings on the property but all of my trees were destroyed and i had to have a logging company come in and salvage the wood. is there anyway to claim the loss of my trees?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-31-2012, 09:48 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
“i was wondering if there is any why i can claim storm damage to my proporty on my income taxes?”---->It depends.
“ i live in wisconsin and we where hit with 130 mph straight line winds. the governor declaired a state of emergency. i did not have any buildings on the property but all of my trees were destroyed and i had to have a logging company come in and salvage the wood. is there anyway to claim the loss of my trees?”--->I guerss determining a loss value for your trees themselves may be difficult, or even impossible, unless you spent out of pocket money to purchase the trees yourself in which case the original cost of the trees will be part of your deduction, or unless you can prove that the cost of the property when you bought it included a particular amount that was attributable to the value of the trees. However, the cost of removal of the trees, and the cost of repairing any damage they might have caused during the storm qualifies as a deductible casualty and theft losses on your return,aslong as you itemize your deductions on Schedule A;UNLESS you itemize the deductions on Sch A of 1040, you can’t claim your deduction on the damaged trees/expenses of removal of th etrees.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance reimbursement on roof damage then house sold Stevo Income 1 02-14-2011 11:55 PM
1099-MISC and Storm Damage jwill1776 Income 1 02-05-2011 02:12 AM
IRS Gives Storm Victims More Time to File and Pay! TaxGuru For 2008 0 06-18-2008 03:46 PM
IRS Gives April 16 Storm Victims Additional 48 Hours to File Income Tax Returns Samatg Tax News 0 04-16-2007 08:22 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.