By Bill Trimarco
Special to The SUN
April 15 is fast approaching. The often-dreaded deadline for filing taxes is a source of grief for many. There is some relief, however, for anyone who paid for wildfire mitigation work on their property.
The Colorado Department of Revenue allows a subtraction from taxable income on the state tax form. Property owners can deduct up to 50 percent of their out-of-pocket expenses for mitigation from their federal taxable income. This deduction is available for tax years 2009 through 2024. The deduction cannot exceed the lesser of the owner’s taxable income or $2,500.
The full version of this story is available in the print edition and e-edition of the Pagosa Springs SUN. Subscribe today by calling (970)264-2100 or click here.