“We need every minute of it because of the casualty losses we’ve been trying to calculate…” SME CPAs, Andrea Usry said.
Even after six months of clean up, there are still some homes with severe damage, leaving behind significant costs.
“It’s primarily things like trees that were down in the yard, a lot of insurance weren’t reimbursing people for trees unless it fell on their home or on the building that was covered so a lot of people had a lot of out-of-pocket costs…”
But Usry says you may be able to claim those costs on your taxes this year.
“If they did have casualty losses, if they had damages from the hurricane, this year they will be able to deduct that. The laws changed and we are in a qualified disaster area…
While it may vary case by case, overall claims would mainly include general casualties.
“Any repairs to your home that were above and beyond what insurance paid for is a potential deduction as well…” Usry said.
She recommends seeking professional assistance when filing if you had significant damage.
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