In times of natural disasters or casualties, people are so overwhelmed by their losses that, in many cases, it is all they can do to get up each day and try to repair their life.  What many people do not realize is they are able to claim losses related to natural disasters and casualties – floods, hurricanes, earthquakes, car loss due to an accident, etc.  The IRS does allow these losses, subject to a deduction limit, if documentation can support the amount you take as a loss.   Some of the information that is necessary for claiming a casualty loss is listed as follows:

• The type of casualty (car accident, fire, storm, etc.) and the date it occurred.
• The loss was a direct result of the casualty.  Example:  If you owned a home, you must prove you were liable (mortgage payment) or if you rent (lease document).
• If you have filed a claim for reimbursement (with your insurance carrier, FEMA or another agency) if there is a reasonable expectation of receiving any reimbursement, the reimbursed amount.
• The Fair Market Value of the property you have lost.  

The process can be intimidating and overwhelming and the forms confusing.  This is a daunting task for anyone, even professionals.  However, with our experience with other major disasters, we want to ensure you get the maximum amount in losses you are allowed to take. Don’t leave money on the table.

We will help you work through this disaster and make your tax filing process a little easier in our trusted hands..