Friday, February 6, 2009

Hurricane taxes

I'm trying to get our 2008 taxes done before "new mommy brain" hits.

Does anyone have a really clear understanding of how we can claim Hurricane Ike losses on our taxes?

Publication 547 and 584 on www.irs.gov explain it. I'm thinking that we can deduct on our taxes the deductible we paid towards our repairs... ie. what insurance did not reimburse us for.

We use www.taxactonline.com to do our taxes.

Any thoughts?

2 comments:

Anonymous said...

You should be able to deduct anything that was not covered by insurance (or that you were compensated for otherwise). The $100 floor and the 10% of AGI limitation does not apply in federally declared disaster areas. You can list the loss as a deduction on Form 4684, which will carry over to the itemized deductions on Schedule A (line 20 - Casualty losses). Hope that helps. :-)

Anonymous said...

I found out the that $100 limitation does apply for Hurricane Ike, so that will be deducted from the expenses that you can take.

And the Form 4684 looks like a pain - but you can just use your house basis and then make the difference for FMV to be your expense total.

I hope your expenses were enough to make it worth your while to fill that stupid thing out! I think I am going to give up on it! lol.