mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Sept 3, 2011 9:27:06 GMT -5
First, I hope you are all safe and are beginning to recover from the storms impacts.... I got lucky.... a 50+' tree across the street that fell just took out some power lines and caused minimal damage... if only people would stop using my driveway to get around it (or if those who are charged with removal do such quickly) The IRS is giving you a break if you were impacted by the effects of Irene... details at IRS.gov The IRS announced today that certain taxpayers in North Carolina, New Jersey, New York, Vermont and Puerto Rico will receive tax relief, and other locations are expected to be added in coming days following additional damage assessments by the Federal Emergency Management Agency (FEMA). www.irs.gov/newsroom/article/0,,id=245004,00.html?portlet=7 and if you incurred a loss as the result of Irene (and other casualties) relief is available with a casualty loss deduction... "Generally you may deduct casualty and theft losses relating to your home, household items and vehicles on your Federal income tax return. You may not deduct casualty and theft losses covered by insurance unless you file a timely claim for reimbursement, and you must reduce the loss by the amount of any reimbursement. " www.irs.gov/taxtopics/tc515.html
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