If you have suffered unreimbursed losses of over $ 500 due to severe damage from the storm, fire, theft, disaster or loss on your deposits in 08, you may be eligible for a tax deduction. You must be able to document the extent of your loss and if you have been compensated by your insurer, you must subtract the amount of compensation your overall loss. A small excerpt from the Insurance Information Institute offers more information:
Kimberly Lankford Kiplinger discusses tax deductions and storm-related points at a loss of useful damage calculator.
Or you could go directly to the source -the IRS provides a variety of publications and tools available on deductions. Here are a few:
Casualties, Disasters and flights - for use in preparing 08 returns; explains the tax treatment of losses, thefts and losses on deposits. An accident occurs when your property is damaged as a result of a disaster such as a storm, a fire, a car accident or similar event. Theft occurs when someone steals your property. A loss on deposits occurs when your financial institution becomes insolvent or bankrupt. This publication discusses the definition of loss, how to figure the amount of your gain or loss, how to handle insurance and other rebates, deduction limits, and special rules
tax relief disaster - . Various resources and fact sheets
IRS FAQ for disaster victims
loss disaster - PDF brochure IRS
08 - disasters and emergencies declared by the federal government
Do you have any deductible tax losses of storm damage, fire or theft?
Do you have any deductible tax losses of storm damage, fire or theft? -
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