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Hurricane Harvey Could Hit Storm Victims Again on Tax Day
Source:
fortune.com
- Aug 29, 2017
Taxes are the last thing people in Houston are worrying about right now, but when the rains of Hurricane Harvey finally stop and the cleanup begins, it might be worth thinking ahead to Tax Day.
Insurance, of course, will cover many of the losses people experience. But where there are holes in coverage, some people might hope to make it up with a significant tax deduction. Many of those catastrophic losses won't have the expected impact when victims file their 2017 returns, though, unless big changes are made in the tax law.
Casualty loss deductions, such as damages suffered during a hurricane, carry their own set of rules with the Internal Revenue Service, says Stephen Kirkland, CPA and founder of Atlantic Executive Consulting. They get complex quickly, but at the core, people will need appraisals of a property's worth before and after the flooding. And, in many cases, the most recent appraisal for homes is when they were purchased.
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Category: General Business
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