reality
09-15-2005, 04:06 PM
Aug. 30, 2005
WASHINGTON — The Internal Revenue Service today announced special relief for taxpayers in the Presidential Disaster Areas struck by Hurricane Katrina.
http://www.irs.gov/newsroom/article/0,,id=147055,00.html
Mentioned in the article:
Casualty Losses
Affected taxpayers in a Presidential Disaster Area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.
Individuals may deduct personal property losses that are not covered by insurance or other reimbursements, but they must first subtract $100 for each casualty event and then subtract ten percent of their adjusted gross income from their total casualty losses for the year.
WASHINGTON — The Internal Revenue Service today announced special relief for taxpayers in the Presidential Disaster Areas struck by Hurricane Katrina.
http://www.irs.gov/newsroom/article/0,,id=147055,00.html
Mentioned in the article:
Casualty Losses
Affected taxpayers in a Presidential Disaster Area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.
Individuals may deduct personal property losses that are not covered by insurance or other reimbursements, but they must first subtract $100 for each casualty event and then subtract ten percent of their adjusted gross income from their total casualty losses for the year.