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News & Announcements

To anyone who is impacted by the devastation of Hurricane Dorian please know you are in our thoughts.

As the impact on property is assessed there are some things to know. And, we are here to help in navigating the myriad of rules. Please contact us for help for you or your loved ones.

Some of the nuances are listed below:

– Under the Trump tax law changes a personal casualty loss (home, second home, etc.) is only deductible when it occurs due to a federally declared disaster.

– There are options available as to taking a qualified casualty loss in the current year or the prior year but there are special deadlines for electing such treatment and calculations to maximize the tax benefits.

– There are alternatives for how to calculate the amount of the qualified casualty loss, some safe harbored, some not.

– Condos & co-ops have some other special threshold rules.

– A qualified casualty loss is deductible as an itemized deduction and that is after reduction for insurance reimbursement and further reduction of 10% of adjusted gross income plus $100.

It is confusing, complicated but we are here to help if you are unfortunate and affected.