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Protect Your Property With a Year-End Tax Deduction

With cooler weather approaching, you may be more inclined to perform work outside around your home.  While you are at it, consider taking measures to mitigate the risk around your home or property from wildfire.  Although fires have not been as prevalent locally as in past years, it always remains a risk.

Since 2008, the State of Colorado has provided an income tax deduction to property owners for undertaking this type of work.  The deduction is available each year through 2024 and is the lesser of 1) $2,500, 2) owner's taxable income for the year, or 3) 50% of the owner's out-of-pocket expenses.

The types of costs that qualify include:
  • Creating or maintaining a defensible space around structures
  • Establishing fuel breaks
  • Thinning of woody vegetation to reduce risk to structures
  • Chipping, removing or prescribed burning of woody fuels
To qualify, the property must be located in Colorado and within a "Wildland-Urban Interface Area".  Most areas along the Front Range, particularly the foothills and mountains will qualify.  Contact your local fire department or fire protection district to make sure.
 
Be sure to keep receipts as the Department of Revenue may request copies along with proof of property ownership.


Contact Us

Loveland

(970) 667-1070
762 W Eisenhower Blvd
Loveland, Colorado 80537

Estes Park

1182 Graves Avenue
Unit C-1
Estes Park, Colorado 80517

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(281) 665-7973
21398 Provincial Blvd
Katy, Texas 77450