Firm Announcements & Tax Updates

Repairing damages to your home's concrete foundation from a 2017 disaster?

If you are in the midst of repairing damages to your home, that occurred in a Federally designated disaster zone, and you want to claim it on your 2017 tax return, you can!  File your 2017 as planned, before the deadlines, and after the repairs are finished Rev. Proc. 2018-14 allows you to file a 1040X (within the time limits for an amended return.)  The costs can be reported as a casualty loss, in which you have to deduct any amount reimbursed by your insurance company. 

Emily McEwan-Upright