Hurricane Sandy Casualty Tax Deduction: The Basics
Posted by Anthony Licciardello on
If your property received an extensive amount of damage due to Hurricane Sandy, you may qualify for the Casualty Tax Deduction. I know, it sounds great, right? Â Well, as with most good things, there's a catch. There's a lot of work that goes into the process and there are limitations.
According to the Internal Revenue Service, "a casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual." Included among these events are earthquakes, floods, mine cave-ins, sonic booms, storms, and vandalism.
There are two types of casualties: those which occurred in a federally declared disaster area and those which did not. The State of New York was declared by the president as a disaster area.…
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