flood storm victim info: IRS Deductions for Georgia Storm and Flood Victims - 02/18/10 12:34 AM
The following is a reprinted article from the Decatur Dispatch, January 2010.
Georgians impacted by recent severe storms may be able to increase their standard deduction by claiming their net disaster losses suffered from the federally declared disaster. Provisions of the National Disaster Relief Act allow all taxpayers to claim the casualty loss deduction regardless of their income level. In addition, the law waives a requirement limiting casualty losses to those that exceeded 10% of the taxpayer's adjusted gross income.
"Eligible taxpayers may be able to deduct disaster losses, even if they don't itemize, through an increased standard deduction," said IRS … (0 comments)