Tag Archives: Disaster/Accident

Top Ten Tips for Taxpayers Deducting Casualty and Theft Losses

Courtesy of the IRS Taxpayers who find themselves the victim of a natural disaster or theft this summer should know the rules for deducting their casualty losses next year when they file their federal tax return. Generally, you may deduct losses to your home, household items and vehicles on your federal income tax return. Here […]

IRS Grants Minnesota, North Dakota Flood Victims until May 15 To File Tax Returns, Make Payments

IR-2009-32, April 2, 2009 WASHINGTON —Victims of severe flooding in Minnesota and North Dakota have an extra 30 days, until May 15, to file their 2008 individual tax returns and pay any taxes due, the Internal Revenue Service announced today. Because the flooding has occurred within close proximity to April 15 –– the nation’s tax […]

New Law Encourages Cash Donations for Midwest Disaster Relief

IR-2008-133, Nov. 25, 2008 WASHINGTON –– Taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest could benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns. Under the Heartland Disaster Tax Relief Act, an individual […]

Deadline for filing Tax Year 2007 Form 1041 electronically has been extended.

This just in from IRS about electronic filing and filing deadlines: In consideration of the provisions covering disaster assistance for affected taxpayers in the states of Louisiana and Texas, we will continue to accept Tax Year 2007 electronically filed Form 1041 returns through November 22, 2008. This change affects Production returns only. The retransmission of […]

Hurricane Preparedness Week

Courtesy of IRS This year Hurricane Preparedness Week is May 25 – 31, 2008. Educational activities held throughout the week can be viewed at the Hurricane Preparedness Web site. The goal of Hurricane Preparedness Week is to provide the public with information about hurricane hazards, and to provide knowledge that can be used to take […]

Hurricane Victims

New Guidance for 2005 Gulf Hurricane Victims (See Resource Box for live links) Information has been added to IRS.gov for Hurricane Katrina, Rita and Wilma victims who claimed casualty and theft losses on their individual income tax returns and are now handling reimbursements received in tax years after the loss occurred. Town hall meetings are […]

Emergency Tips

Looks like we’re having really bad weather all over the country. I am hearing from many people about bad storms and power outages. If you’re in an area where storms are about to hit this winter, please do whichever of these things is approporiate to your situation: Cut tree limbs – if there’s anything near […]

Help for California Wildfire Victims

[Courtesy of the Internal Revenue Service] The Internal Revenue Service is closely watching the situation in Southern California and will soon issue specific guidance for victims of the wildfires. In the meantime, if you own property damaged by fire in the presidential disaster area, you have a choice: You may claim uninsured or unreimbursed disaster […]

Mudslide

Today we hear from Don in Idaho who’d like to know, “Are the expenses paid out to repair damage caused by a mudslide deductible? The repairs include fixing the damage to the house, yard and the cost of a massive retaining wall to prevent a like event from recurring.”

Wilma Assessment Be Deductible

Today TaxMama hears from the Mike in Florida, who tells us, “We received an assessment from our condo association. This assessment was to repair damage caused by hurricane Wilma when it hit Florida. Can we report this assessment as a casualty loss on our tax return? If we can, what schedules should we use to […]

Katrina Loss Strategy

This week I was invited to join Brent Clanton on BizRadio Network KZYZ-AM in Houston, TX to provide some positive tips about how to use the tax code to help Katrina victims. Naturally, since I already know everything about the tax issues on casualty and theft losses, I was compelled to do some more research […]