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putzitom
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Had a house fire and continued to pay taxes on it for the remainder of the year. Is there a way to recoup those taxes? Is the some form Or something to indicate our loss

 
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3 Replies

Had a house fire and continued to pay taxes on it for the remainder of the year. Is there a way to recoup those taxes? Is the some form Or something to indicate our loss

If you itemize you can deduct the tax payments. You can’t claim a casualty loss. 

Had a house fire and continued to pay taxes on it for the remainder of the year. Is there a way to recoup those taxes? Is the some form Or something to indicate our loss

So sorry, but casualty losses are not deductible on your tax return unless the casualty was the result of being in a federally declared disaster area.   As stated by Champ @Bsch4477 , you can try to itemize deductions such as mortgage interest and up to $10K of property tax.   Itemized deductions have no effect on your refund or tax due unless they exceed your standard deduction.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Had a house fire and continued to pay taxes on it for the remainder of the year. Is there a way to recoup those taxes? Is the some form Or something to indicate our loss

The calculation of property taxes by the locality can be complicated.   For example, I believe that in New York State, the county property tax due January 1, and the school tax due in September, are both based on the property value on the previous July 1 (the valuation date is months before the billing date).   If you continue to own the property (the land) but don't rebuild the house, or it takes more than a year to build the house, you may get a much lower tax bill next year, based on whenever the valuation date is in your locality.  You would have to ask the assessors office in your locality for how that works.

 

In the mean time, you can deduct a loss on the value of the property only if the loss was due to a federal declared disaster (like a wildfire or hurricane) and only the amount that is not covered by insurance.  Assuming your home is covered by insurance and you are rebuilding, you still owe property taxes on the property (the land, plus anything that is attached to the land).  You have to ask your locality about adjustments or revaluations for things like fires. 

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