If your home suffered damage from Hurricane Ian, we may be able to help you recover financially. Federal tax law allows for the loss in Fair Market Value of your home due to the hurricane to be deducted from your ordinary income.
If you are thinking of selling your home in its current as is condition, or if you already have listed and sold, please contact us regarding Tax Code 165. You may be able to receive additional tax savings to help offset your loss.
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I am Doug Treadwell, owner of Blue Ocean Real Estate Appraisal Group. I have been in real estate for over 42 years. I am licensed in Florida, North Carolina and Colorado and have been active in real estate in Southwest Florida since 2009. I have served on the Board of Directors and the Presidents Advisory Council with John R Wood, Properties, and I have been the president of the Cracker Cove HOA in Bonita Bay since 2012.
When Hurricane Ian hit, we researched how can we help folks impacted by the storm. We spoke with several different CPA’s and confirmed the availability of tax benefits for homeowners in the area impacted by the storm.
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We are focused on the Federally declared disaster method. Under Tax Code 165, you may use an appraisal that identifies your estimated loss in Fair Market Value from a federally declared disaster to determine the decrease in the Fair Market Value of your personal-use residential real property. (Per our CPA consultants, this also applies to investment and business properties). You are then able to offset this loss against your ordinary income.
The net differential between the before and after values may be written off against your ordinary income for the current tax year, or by filing an amended return for 2021, or a deductible loss against your ordinary income for the year you finalize your claim with the insurance company. The loss is calculated after net of casualty/flood insurance reimbursements.
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This is a separate issue from your insurance and your insurance adjuster. The cost of the repairs to your home are not relevant. The disaster loan appraisal relates to the fair market value of your home prior to the event and the fair market value of your home after the event in its then current “as-is” condition, prior to any repairs being completed.
We have on staff, licensed appraisers and are taking reservations for the Fair Market Valuation appraisals. If you are interested in pursuing this, please let us know and we will contact you to discuss the process and get you scheduled.
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There is no guarantee that the value of your home is diminished, however, if you have had damage from the hurricane, it is likely that the value has decreased and there may be considerable tax savings for you.
For details on the registration process, please email [email protected] with your contact information including the address of the home and we will get back to you as soon as possible.
Please check with your CPA or tax consultant for verification for your personal situation.