Hurricane Sandy and other natural disasters can be devastating for the individuals impacted. You can never replace the personal items lost, but the IRS offers some relief. Jim Wang tells us how to claim a casualty loss when the unexpected happens. Full story
If you haven’t already filed your taxes and were a victim of recent severe storms, flooding, or disasters you may have more time to pay taxes and file your tax returns if you were affected and in counties designated as federal disaster areas qualifying for individual assistance.
Recent flooding could indicate taxpayers who experience personal property losses not covered by either insurance or government reimbursement might qualify to claim them as casualty loss deductions. Full story