Hurricane Ike Losses

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,,id=108362,00.html

IRS Publication 584 – Casualty, Disaster and Theft Loss Workbook for Individuals

IRS Publication 584-B – Business Casualty, Disaster and Theft Loss Workbook

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

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