Re Investor
“My rental property was severely damaged in a hurricane, how do I calculate the casualty loss deduction if insurance only covered half the damage?”
A casualty loss on a rental property after hurricane damage often depends on how the loss is measured, how much insurance reimbursement was received, and whether the property was used for income-producing purposes. The starting point is usually the lesser of the property’s adjusted basis or the decline in fair market value, then any insurance proceeds and other reimbursements are taken into account. The rental nature of the property, the extent of the storm damage, and records such as repair estimates, photos, and insurance documents can all affect the calculation and the supporting tax records. A CPA who reads your specifics can usually tell you, in plain English, where this lands.
In your 60-minute session, the KGOB advisor handling it will:
- Read your exact situation and tell you, in plain English, what’s actually going on.
- Lay out your options and the trade-offs — no jargon, no judgment.
- Give you a clear next step you can act on, whether that’s with us or on your own.
“I flipped a severely distressed house in less than a year, will my massive profits be taxed as ordinary income or short-term capital gains?”
“I am selling a highly profitable rental property and want to use a 1031 exchange, exactly how long do I have to officially identify a replacement property?”
“I own multiple rental properties that generate massive passive losses, can I use those losses to offset my W-2 salary if I qualify as a real estate professional?”
“I successfully refinanced my investment property and pulled out cash to buy another one, is that massive cash out legally considered taxable income?”
This page is a prompt to start a conversation, not tax or legal advice, and states no tax-law specifics as fact. A consult session does not by itself create an ongoing engagement. We do not promise specific outcomes or savings. Kohari Gonzalez Oneyear & Brown PLLC — Charlotte, NC.
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