Now, I am not proclaiming to be an accountant or tax adviser, however, I came across this information which might be helpful to you and your accountant or tax adviser.
The general rule is that casualty losses are deductible in the year they occurred. But there is a a special rule for those who have such losses in "a federally delared disater that occurrred in an area warranting public or individual assistance (or both)" according to the IRS.
For a list of those areas declared federal disaster ares, go to fema.gov/news/disasters.fema
If you qauliffy, you can decduct losses on your tax return for this year, or you can choose to treat the losses as having occurred during the prior tax year and then deduct those losses on that prior year's return.
See what your accountant or tax preparer says, and then check it out yourself. You can file an amended return if needed, remember. Check out the IRS website www.IRS.gov and search for Publication 574 or Publicatgion 584-B for business or income-producing proerty.
There are lots of rules such as the $100 rule and the 10% rule. See publication 547 for more information and IRS Topic 515 for a summary of the basics.
I mention this because I had storm damage this year, and I want you to be prepared if you also incurred damage.
While we are not in a federal disaster area, some of the damage could have been extensive in your area as it was in mine.
Again, ALWAYS check with a tax preparer, accountant or CPA before taking advice from anyone, including me.
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