S2 P8 Fire Loss Tax Issues with CPA Linda Forman
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S2 P8 Fire Loss Tax Issues with CPA Linda Forman
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About this listen
in this episode of Three Homeless Guys, host Joel Pollak, along with guests Ron Goldschmidt and Oren Ezra, discuss the ongoing rebuilding efforts following the Palisades fire. They are joined by CPA Linda Forman, who provides insights into the complex tax implications that homeowners face as they navigate property assessments, rebuilding permits, and potential capital gains taxes when selling their properties. The conversation highlights the importance of community support and professional guidance in addressing these challenges.
takeaways
- The Army Corps of Engineers is ahead of schedule in debris removal.
- Rebuilding permits are still a challenge due to city council approvals.
- Property tax assessments may not reflect the actual loss of homes.
- Homeowners can claim casualty losses on their taxes after a fire.
- Rebuilding may lead to higher property taxes due to improvements.
- Selling property can result in significant capital gains taxes.
- Insurance proceeds from losses are not taxable if used for rebuilding.
- Moving expenses may be deductible under certain conditions.
- Community support is crucial for navigating tax issues post-fire.
- Professional help is needed to understand complex tax implications.
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