Tax Considerations for Hurricane Harvey

September 5, 2017

Hurricane Harvey has passed and cleanup has begun. It is my hope that all of you are well. This was certainly a disaster unlike any which I have seen. I wanted to send a quick note to my clients with a couple of links. I will do a more detailed entry when time permits which will explain the process of deducting losses related to a casualty. I will outline some of the differences between losses in declared disaster areas versus non-declared disaster areas. Please be aware that these benefits typically evolve in the recent time after an event. Benefits frequently change and I will do my best to keep you all informed. Just know that you can deduct losses either in the year in which they occur or the year prior. This means that we can amend a federal return and deduct the loss in 2016 resulting in a refund faster than if you were to wait until 2018 to deduct the losses on your 2017  tax return. Again, I will post again when I have had time to read and process the most recent changes. Here are  links to let you know generally the current extensions of time to file returns.

https://www.irs.gov/newsroom/help-for-victims-of-hurricane-harvey

https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-harvey-in-texas

Chris

Did you enjoy this article?
Join today and receive free updates straight in your inbox. We will never share or sell your email address.

Leave a Reply

Your email address will not be published. Required fields are marked *