Today TaxMama hears from Char in Texas with a simple question – or two.
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“Are my losses from Hurricane Ike deductible? And how?”
Dear Char,
Sorry you’re facing all those problems. Actually, I’ve got good news for you – and bad news.
The good news:
There’s lots of information about the tax benefits of Ike losses on the IRS website
https://www.irs.gov/newsroom/article/0,,id=108362,00.html
IRS Publication 584 – Casualty, Disaster and Theft Loss Workbook for Individuals
https://www.irs.gov/publications/p584/index.html
IRS Publication 584-B – Business Casualty, Disaster and Theft Loss Workbook
https://www.irs.gov/publications/p584/index.html
There are ways to use the deduction on your 2007 tax return to get the refunds faster, if you need the money now.
The BAD News
There’s LOTS of information about the tax benefits of Ike losses on the IRS website – so much that you can spend hours and hours reading it all.
You will need to be able to prove your losses – AFTER insurance and government reimbursements.
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It’s complicated and easy to do incorrectly. You are better off working with a tax professional to get the maximum benefits to which you’re entitled.
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At least these links will give you a good starting point.
And remember, you can find answers to all kinds of questions about disaster losses and other tax issues, free.
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Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- IRS.gov :: This year’s Disaster pages
- IRS Publication 584 :: Casualty, Disaster and Theft Loss Workbook for Individuals
- IRS Publication 584-B :: IRS Publication 584-B – Business Casualty, Disaster and Theft Loss Workbook
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