CASUALTY LOSS DEDUCTIONS FOR TAX PURPOSES
The tremendous property damage caused by hurricanes to homeowners and businesses has spawned numerous tax-related questions. Property owners, looking for some economic relief to their situation, are asking what they can or should do to properly claim an income tax deduction for their losses. The following is a general summary of the income tax rules and regulations regarding casualty loss deductions. It is a useful starting point for clarifying tax-related questions that are commonly asked. Because individual circumstances vary, however, taxpayers are encouraged to seek additional advice from their professional tax preparer and other detailed IRS
Click here to download useful tax info for hurricane victims.