Follow us
  >  Uncategorized   >  Do You Have Hurricane-Damaged Florida Property?

Do You Have Hurricane-Damaged Florida Property?

Recently, our clients with second homes in Florida have been calling about Ian-related income tax deductions. The Federal Emergency Management Agency (FEMA) declared certain areas of Florida federal disaster areas after Ian. The IRS announced that anyone who resides or has a business that was affected by the disaster will receive tax relief.

If you are one of the affected residents, you can claim disaster-related casualty losses that are not covered by insurance or other reimbursements on your federal income tax return this year if you itemize. Review the Hurricane Ian Announcement, contact your tax professional, or give us at Cooper, Adel, Vu Tax a call to discuss your tax situation.