GraceNY Posted April 1, 2012 Report Share Posted April 1, 2012 Hurrican Irene August 2011 Taxpayer purchased property that he was fixing up. Didn't know if he would keep or sell once he was done. Not sure how to classify (not his personal residence 'cuz he was renting and living in an apt.) Investment property? Also, taxpayer was unable to get FEMA help due to the fact that it wasn't his primary residence. And, no insurance on the property so no claim. The town is in the process of trying to get assistance for the town itself. Supposedly the town will be giving out some of this to those who lost property and did not have any assistance. This is still up in the air. Town does not know if, when and/or what they'll get. My understanding is that loss can be taken on 2010 or 2011 tax return since it was a federally declared disaster area. However, one or the other would need to be filed by 4-17-2012. No extensions, right? How to handle "potential" assistance from town. Deduct loss and then pick-up reimbursement, if there is any, in later year? Thanks in advance for any assistance Grace Quote Link to comment Share on other sites More sharing options...
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