Tax Update Blog: Permalink
« Previous · Tax Update Blog Home · Next »
DISASTER CASUALTY LOSS REFUNDS
June 16, 2008
If you have uninsured losses from the Iowa floods and are in a covered disaster area, you might be able to get some needed rebuilding cash by deducting this year's loss on last year's return. The tax law permits taxpayers in disaster areas to choose to deduct their casualty losses on either the return for the disaster of the return for the prior year. That means a calendar year business could file an amended 2007 return to claim the loss and generate a refund. They could also claim it on an extended 2007 return that has not yet been filed.
Remember, personal casualty losses are subject to a $100 deductible and a 10% of AGI floor.
Links:
IRS page on Disaster Assistance and Emergency Relief for Individuals and Businesses
IRS Publication 547, Casualties, Disasters and Thefts.
The sandbagged entrance to the Vaudeville Mews on Fourth Street in downtown Des Moines Sunday morning
Bookmark: del.icio.us • Digg • reddit
Tax Updates
Subscribe to Tax Updates
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
Search Tax Updates
Friends and Neighbors
Economics Nerds
Hard-Core Tax Nerds
Gigablogs
Insurance Folk
Goners
Legislation
Tax Update Data Feeds
