For all of our clients that may have experienced losses from Hurricane Harvey, Hurricane Irma or Hurricane Maria, please see below. You could be eligible for a tax deduction on your 2016 or 2017 returns.
“Folks whose home, car or business property was damaged by Harvey, Irma or Maria can deduct casualty losses on either their 2016 or 2017 tax return. Claiming the loss on a 2016 amended return would trigger a refund to put cash in your pocket. Congress just passed a package of tax relief that includes allowing victims to claim casualty losses from the storms even if they don’t itemize.If uninsured losses exceed $500, taxpayers can deduct 100% of the amount, without regard to the $100 plus 10%-of-adjusted-gross-income offset that usually applies to the deduction. ”
“Kiplinger’s Personal Finance Advisor” Oct. 2017.
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