Deductible 2017 Passive Property Disaster Losses
2017 was a horrific year for storms and the tourist industry in the Florida Keys was hit hard by Hurricane Irma which caused losses amounting to several $ Billion both in property damage as well as lost tourist revenue. The only saving grace was that, although rental income property operating losses are not deductible, casualty losses such as those suffered by property owners as a result of Hurricane Irma are not considered to be ordinary operating expenses and therefore an exception to the normal tax deduction suspension of rental income property losses.
In short, actual cash losses connected with the cost of replacing destroyed or damaged property which exceeded offsets by insurance ARE DEDUCTIBLE in 2017. To claim this deduction be certain to disclose the fact that you are a victim of a “disaster loss”. In the event that your actual cash casualty loss is greater than your total income for 2017, you may have excess losses that can be carried back to offset prior year income or carried forward, however you should check with your tax advisor regarding possible limitations resulting from the Tax Cut and Jobs Act of 2018.
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