If you had un-insured losses, due to Hurricane Katrina, and could prove it, could you write it off on taxes?

Question

I need to know if you had un-insured losses due to Hurricane Katrina, could those losses be written off of income tax? Assuming you had a way to figure the loss?

Answer 1

There are lots of tax advantages available for victims of Hurricanes Katrina, RIta, and WIlma. There were more extentions, the ability to use a previous year's income to figure certain credits (if it was to your advantage to do so), and the Casualty and Loss deduction. If you have already filed your return for 2005, you may need/want to amend it to get everything you're entitled to. I've attached the applicable tax publications, but you may want to speak with an experienced tax professional on this issue.

Answer 2

tax princess is correct. The Casualty and Loss deduction actually applies to most uninsured losses that exceed the minimum thresholds. It is not uncommon after natural disasters to allow amending the previous years return to claim the deduction early. 'Normal' casualty losses must be deducted in the year they happen.

Answer 3

Not just Katrina; you can write off virtually any kind of insured loss on your taxes.

Answer 4

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