Can a casualty loss be carried forward

gtaylor481 · Joined: 02 Feb 2008 Posts: 1 1.12 Dollars($)

In 2007, I have a large casualty loss from flood which results in no income tax for 2007 without considering exemptions. Can the remaining loss be carried forward to 2008?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi gtaylor,

Welcome to the forum.

I think you can carry forward the loss to 2008. For a home owner it may be up to 20 years time limit to carry forward the loss. BTW I think you should consult this with a tax assessor.

Best of luck,
Larry

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.07 Dollars($)

Do you have someone do your taxes for you, as mentioned, you may want a tax professional to take a look at your situation and make sure that it is done the right way. Goodluck in this situation, hope you get your answers that you need. You can always look at the irs website also and see what they have to say, there is a lot of good tax information on thier site.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

I would definately have the tax professionals take a look at this, those laws are so goofy and if you don't work with it everyday, it can get really tricky, pay the pro on this one. goodluck, let us know what you decide to do and how it works out.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.07 Dollars($)

I agree, sometimes things are better left to the professionals.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

I think that you are especially right in this case, I get really confused by the taxes and the laws that surround them. I use an online program that allows me to do my yearly taxes, but can not do the quarterly ones, usually I end up paying a penalty every year on these.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.07 Dollars($)

They can get tricky, it is ashame that you have to be penalized every year on them, is there no way that you can have someone else do them for you? Can't you send them to the agency that penalizes you and ask them if you can get some help with them, they should have something available or know where to send you to get the help you need.

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