Mar 21, 2013

Casualty Loss Deduction for Coop Owners

Tax Form

In the aftermath of a natural disaster or other casualty, apartment owners are faced with the cost of repairs, sorting out insurance, and tax issues – for both their own apartment and their building.  Fortunately, one of the tax issues has now been resolved by the United States Court of Appeals for the Second Circuit (which includes New York City) in a manner favorable to owners of cooperatives. In Alphonso v. Comm’r of Internal Revenue, ____ F.3d ____, 2013 WL 440162 (2d Cir. 2013), the court reversed the position of the Internal Revenue Service and held that owners of cooperatives… Read more

Nov 7, 2012

Hurricane Sandy – Do you need a public adjuster?

Damaged Hardwood Flooring

If your building suffered significant damage as a result of Hurricane Sandy, the Board should consider whether to engage a qualified “Public Adjuster” to assist it in compiling and settling any resulting insurance claims, such as claims for property damage, lost business or damages arising from equipment breakdowns or failures. Any decision to utilize the services of a Public Adjuster should be made and acted upon as soon after the loss as possible. Public Adjusters represent insureds, and are to be distinguished from an adjuster hired by an insurance carrier, whose principal responsibility is to represent the carrier in dealing… Read more