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Tax deductions

 
artifact
(@artifact)
Advanced Member

Good Morning,

I'm seeking some confirmation of an assumption that is getting factored into my budgeting. Am I correct in assuming that all the same the same Federal Tax deductions apply in the USVI? Its the same 1040, Schedule A, etc but the money goes to the VI and not the Mainland?

Specifically Mortgage Interest, property taxes, points, etc. Were there any deductions for past as there are for Katrina et al? (I'm not banking on the latter but it'd be a nice to have the possibility.)

Thanks!
Artifact

Quote
Topic starter Posted : March 22, 2008 4:01 pm
Trade
(@Trade)
Expert

Same tax set-up. Not sure what you mean by this:

"Were there any deductions for past as there are for Katrina et al? (I'm not banking on the latter but it'd be a nice to have the possibility.) "

Do you mean did we get deductions for hurricane damage? Yes, as long as the deductions you claim for what you lost show depreciation. Ask me how I know. Nothing like losing everything & figuring FEMA loss estimates would be perfect proof of the amounts gone & getting hit with a tax audit.

ReplyQuote
Posted : March 22, 2008 11:53 pm
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