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Where is my rebate check? How do I file my small business return? How do I set up daily money management accounts? How do I take out taxes for employees or set up financial accounts?
These are among the many questions asked daily in our office. We're here to help you with your personal and business tax filings. We take the stress out of I. R. S.
Hurricane Ike Losses for 2008 Filings
In order to be allowed to take the casualty losses on your income tax return you must take the following steps -
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Determine the items lost and their fair market values just prior to the casualty and just after the casualty.Include all items lost as well as additional expenses incurred directly due to the loss such as living expenses due to the loss of your home.
- Determine which of these items is covered by your insurance policy.
- Put in your claim with your insurance company so the insurance company can reimburse you for your loss.
- Any losses not covered by insurance or in excess of insurance reimbursement are deductible. The normal $100 floor and 10% of your adjusted gross income (bottom line of page 1 form 1040)are not applicable in this case because the Houston area was declared a federal disaster area.
NOTE: The above procedure must befollowed for you to claim a casualty loss on your income tax return. You can NOT bypass the above procedure and just claim your loss on your tax return without first requesting any insurance reimbursements you are entitled to. The Internal Revenue Service will NOT be your first line of recovery from a casualty. You can, however, claim a loss once you have completed the above items.
More than 3 decades of service
Bob has spent over 30 years in the tax and accounting industry. He has served as an IRS revenue agent (field auditor) and as a GP manager and SR. reviewer. He can and will represent taxpayers before the IRS at the audit and appeals levels.