Monday, February 10, 2014
Update-- Ice Storm Damages:
You may be able to deduct losses on your tax return:
“You generally must deduct a casualty loss in the year it occurred. However, if the property was damaged as a result of a federally declared disaster you can choose to deduct that loss on your return for the tax year immediately preceding the year in which the disaster happened. A federally declared disaster is a disaster that took place in an area declared by the President to be eligible for federal assistance under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. If you have already filed your return for the preceding year, you may claim the loss by filing an amended return, Form 1040X.“ - IRS Publication - Disaster Resource Guide.
If you had a loss, you may be able to deduct when you file your 2013 return instead of waiting until next year. Read the IRS publication for further details.