Storm's Damage Could be Deductible.
Kiplinger's Ask Kim Web Column, September, 2005 by Lankford, Kimberly
Byline: Kimberly Lankford, Kiplinger Washington Editors Are losses from a natural disaster like Hurricane Katrina tax-deductible? What forms do I need to file? Yes, many losses caused by hurricanes -- and other natural disasters such as floods, earthquakes and storms -- can be tax-deductible.
And since most areas affected by Hurricane Katrina have been declared federal disaster areas, you'll get some additional tax advantages. Unfortunately, you'll probably get less money than you expect. You can only deduct any part of the loss that isn't reimbursed by insurance. Then you need to subtract $100 and reduce the loss by 10% of your adjusted gross income. And you can only deduct the loss if you itemize your taxes. For help figuring out...
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