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Tax Pro
I sufferred substantial flood damage to my home from the hurricane this past summer.
Someone told me I can write this off on my taxes and recoup some money. Is this so?
How do I do this?
Ann, December 01, 2011
Merchant Reply:
Ann,
You may be able to get a nice pay day on your tax return if things work out.
The damage to you home may be more than you realize. You will need a licensed real estate appraiser to determine that the value of your home was before the storm and after the storm. You may also have a loss for personal property damaged. I suggest you call to schedule an appointment as it is too complicated to adequately address here.
December 02, 2011
Hi tax pro
I have a tax question...
Someone told me that if the bank forgives part of may mortgage when I sell my house, I will have to pay tax on that deb??
Anonymous, January 10, 2009
Merchant Reply:
Sorry to hear you are taking a hit on the sale of your home.
Good news is that there is new tax legislation allowing most home owners to avoid tax on forgiven home mortgage debt nowadays. What you referred to use to be the case. It use to be taxable.
Assuming you qualify, you do have to report the debt forgiveness on a special form on your tax return.
If you don't qualify for this tax relief, you may be able to avoid tax on this debt by another meas if you are "insolvent". What I mean by that is that the value of all your assets is less than the value of all your debt. This too, needs to be reported in a certain way on your tax return.
Tax Savvy
January 10, 2009
