Are victims whose homes are damaged by natural disasters granted any tax relief?

RISMedia's Real Estate Information Network Member Directory

Are victims whose homes are damaged by natural disasters granted any tax relief?

Damage, destruction, or loss of property from fires, floods, earthquakes and other disasters are deductible from both state and federal income taxes.

If destruction is caused by an event deemed a federal disaster by the president, homeowners can deduct their losses in the tax year before the event happened by filing an amended return. This helps to dramatically cut the wait for tax refund money that can immediately be used to make repairs or pay for living expenses.

Join RISMedia on Facebook and share your views on this topic. Visit www.facebook.com/rismedia to continue the conversation!

Looking for fresh, daily content for your blog, newsletter or website? REsource Real Estate Content Solutions provides access to thousands of RISMedia articles and videos starting as little as $9.95 per month! Visit resource.rismedia.com now and get publishing today!

RISMedia welcomes your comments and questions. Email realestatemagazinefeedback@rismedia.com.