Missed the October 15 Tax Election Deadline? Centura Consulting Services Says Homeowners May Still Have Options
For best results when printing this announcement, please click on link below: Missed the October 15 Tax Election Deadline? Centura Consulting Services Says Homeowners May Still Have Options Centura Consulting Services (“CCS”) reminded Palisades and Malibu homeowners affected by the January 2025 Los Angeles fires that while the Oct. 15 federal deadline to make a Section 165(i) election has passed, homeowners may still benefit from reviewing their casualty loss tax position. The Section 165(i) election may have allowed eligible taxpayers to claim a 2025 disaster loss on a 2024 federal income tax return. For homeowners who missed the deadline, that prior-year election option may no longer be available, but that does not mean all casualty loss tax options are closed. Affected homeowners are still able to evaluate whether a qualifying casualty loss can be claimed on a 2025 federal income tax return or whether other considerations apply based on their facts and circumstances. “Missing the Oct. 15 election deadline can be frustrating, but homeowners should not assume they are out of options for claiming a casualty loss tax deduction,” said Kevin Giles, CPA and case advisor at CCS. “There
For best results when printing this announcement, please click on link below: Missed the October 15 Tax Election Deadline? Centura Consulting Services Says Homeowners May Still Have Options Centura Consulting Services (“CCS”) reminded Palisades and Malibu homeowners affected by the January 2025 Los Angeles fires that while the Oct. 15 federal deadline to make a Section 165(i) election has passed, homeowners may still benefit from reviewing their casualty loss tax position. The Section 165(i) election may have allowed eligible taxpayers to claim a 2025 disaster loss on a 2024 federal income tax return.
For homeowners who missed the deadline, that prior-year election option may no longer be available, but that does not mean all casualty loss tax options are closed. Affected homeowners are still able to evaluate whether a qualifying casualty loss can be claimed on a 2025 federal income tax return or whether other considerations apply based on their facts and circumstances. “Missing the Oct. 15 election deadline can be frustrating, but homeowners should not assume they are out of options for claiming a casualty loss tax deduction,” said Kevin Giles, CPA and case advisor at CCS.
“There may still be valuable considerations to address, especially for families working through insurance proceeds, rebuilding costs, valuation questions and unreimbursed losses.” Casualty loss analysis can be complex. It may involve reviewing property damage, insurance reimbursements, FEMA or SBA assistance, prior filings and documentation related to the loss. Homeowners who are still rebuilding, negotiating with insurance or deciding whether to rebuild may benefit from understanding how these pieces fit together and what resources are available to them before amending or filing their 2025 return.
CCS works with homeowners and their designated tax professional to assess eligibility for a casualty loss deduction, identify issues that may affect the timing or support for a claim, and gather and organize the documentation needed to support it. CCS then prepares a supporting documentation package for review and validation by the homeowner’s CPA or tax preparer, who is solely responsible for exercising independent professional judgment and filing the tax return.
Homeowners affected by the Palisades or Malibu fires can learn more or schedule a complimentary casualty loss consultation at centuracs.com/pressrelease or by emailing GetRelief@CenturaCS.com (mailto:GetRelief@CenturaCS.com). About Centura Consulting Services Centura Consulting Services is an affiliated business of Centura Wealth Advisory, a registered investment adviser. CCS provides tax consulting services only and does not provide investment advisory services, tax return preparation, legal advice, insurance claim services or representation before the Internal Revenue Service. The firm does not prepare or file tax returns, sign IRS forms or replace a homeowner’s CPA.
Engagements beyond the initial consultation are fee-based. This release is general information, is not tax advice, and no one should act on it without analysis of their own circumstances. View source version on.com: Brad Walton, Head of Marketing and Business Development Centura Consulting Services Bwalton@CenturaCS.com (mailto:bwalton@CenturaCS.com)