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  1. #1
    Silver Member bhh's Avatar
    Join Date
    Jun 2012
    Posts
    128
    Location
    Ulster County, NY
    Tractor
    Kubota L3800

    Default Storm Damage Cleanup

    So Sandy did a number on our recently purchased property in upstate New York and I have been considering purchasing a B-series Kubuta to help manage the 40-acre woodlot. I came across the following article and was wondering if anyone knows if a tractor (and chainsaw) is purchased specifically for storm cleanup, if it would be tax deductible under these regulations since our area was declared a disaster area. I have an email into my accountant but they are dealing with their own storm cleanup and I am not sure how soon they will be able to get back to me and was curious if anyone else has come across this.



    Storm Damage? You Might Qualify for Tax Breaks - Kiplinger

  2. #2
    New Member
    Join Date
    Jul 2012
    Posts
    23
    Location
    Austin texas
    Tractor
    Bobcat S650

    Default Re: Storm Damage Cleanup

    Since everything you read on the Internet is true, I say you are covered and you should not only write off the tractor, but the chainsaw, driveway, house and everything else you do to the property!

    You are welcome.

  3. #3
    Silver Member bhh's Avatar
    Join Date
    Jun 2012
    Posts
    128
    Location
    Ulster County, NY
    Tractor
    Kubota L3800

    Default Re: Storm Damage Cleanup

    SWEET! Let's make it an L-series then!
    Actually my accountant wrote back and said no, not for the tractor and chainsaw

    Alternatively, the cost of cleaning up and restoring the residential property, including trees and other landscaping, to its condition before the casualty may be used as evidence of the decrease in fair market value, if the clean-up, repairs, and restoration are actually done, are not excessive, are necessary to bring the property back to its condition before the casualty, take care of the damage only, and do not cause the property to be worth more than before the casualty. For example, if these requirements are satisfied, the cost of removing destroyed or damaged trees (minus any salvage received), pruning and other measures taken to preserve damaged trees, and replanting necessary to restore the property to its approximate value before the casualty may be acceptable as evidence of the decrease in fair market value caused by the casualty. You may not include in your cost of cleaning up and restoring your property the cost of purchasing any capital asset, such as a compact loader or tractor, or the value of the time you spend cleaning up your own property.

  4. #4
    Platinum Member
    Join Date
    Jan 2011
    Posts
    506
    Location
    Central, OK
    Tractor
    jd 1050 LS I3040H. CASE SC

    Default Re: Storm Damage Cleanup

    can you deduct the costs to rent the equipment? Rent from you BIL / Neighbor / etc?
    LS I3040H w/ loader
    JD 1050 w/ loader and backhoe
    Case SC. 1952

  5. #5
    New Member
    Join Date
    Nov 2012
    Posts
    3
    Location
    waldorf,md
    Tractor
    new holland

    Default Re: Storm Damage Cleanup

    any unreimbursed loss it a write off. for example damage not covered by insurance. we lost everything to a natural disaster some years ago and found out the hard way we were under insured. was able to write off the loss for the next 3 years. Sorry for what you are going through. i know how it feels. make sure you keep good records and keep all receipts even if they are handwritten receipts for rentals from private people

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