Tax Implications Arising from the Fire
Over the last few weeks, several residents have inquired about the tax implications arising from the losses and damage they have incurred.
The questions asked have included:
- How should I report insurance proceeds on my 2012 income tax return?
- How should I report the loss of property on my 2012 income tax return?
- How should I report damage to property not covered by insurance on my 2012 income tax return?
One of the leading local accounting firms, Stockman Kast Ryan + Co., has prepared a useful guide to help answer your questions. Click here to download and print a PDF of the guide.
Because every individual and family has unique variables and situations, please be sure to work with your accountant, tax preparer or financial adviser to address your circumstances appropriately.
Colorado Springs Together is an independent 501(c)(3) Non-Profit
Colorado Springs Together is a community-driven volunteer effort, and is an independent 501(c)(3) non-profit organization. The team members are distinguished citizens and business professionals in the community facilitating and coordinating a quick and effective rebuilding process for the neighborhoods devastated on June 26th by the fire. The donations received will go towards the activities required to help restore the lives and the neighborhoods affected by the fire at the same time maintaining a strong sense of community during the rebuilding process.