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Beaumont Texas Form 8824: What You Should Know

Filing of the Tax Return 1. If you already know and understand how to fill out Form 8824, you need to file Form 8824 and instructions online with the . 2. Fill out an online account registration and then return to step 1. If you are having problems understanding how to fill out Form 8824. For assistance call or email us.   How to File a Claim for Loss of Property — Texas If your loss consists of the fair market value of real property which is not exempt from tax and the amount of which is at least 600 but does not exceed the amount of the deduction provided for in section 1245(f) of the Internal Revenue Code, then you may be eligible to claim a deduction on your Federal tax return to the form of a capital loss. However, if you are claiming this deduction on a Texas income tax return, in addition to meeting the 600 limit on property, you should also meet the other two tests in the Texas Property Loss Deduction Claim below. State Tax Loss Deduction Provision for Texas Property Losses — 2014 First, you are required to have a valid Texas taxpayer identification number with you in order to claim a state deduction for a Texas property loss. Second, your Texas loss must be at least 60, which means that if your loss is 60, your claim is limited to the amount of real property tax paid or at least 600 of the property, whichever is less. Third, your property loss must be due to theft, damage, fire, flood or other casualty. If the Texas Property Loss Deduction is not applied, then your Federal income tax will be reduced by the Texas property loss deduction. If the taxpayer can show that the property loss is due to theft, damage, fire, flood or other casualty, then you may be able to exclude the full amount of the loss from the Federal income tax liability from the dollar amount limit. However, if the property was your principal residence, and you cannot prove that it has been the cause of actual damage to your principal residence, you may be subject to a penalty. Federal Tax Deduction for Real Property Losses — 2014 When an amount of the property loss is more, or less than the exemption provided for in section 1245(f), a refund or credit may be claimed for the difference between the amount of the loss and the amount of the exemption.

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