Casualty loss quick refunds.
Author | Laffie, Lesli S. |
Position | From the IRS - Tax issues related to attacks of Pentagon and World Trade Center |
According to IR-2001-87, taxpayers who suffered property losses due to the September 11 attacks may get a quick tax refund by claiming these losses on an amended 2000 return. Under Sec. 165(i), affected taxpayers--whether individuals or businesses--in a Presidentially declared disaster area have the option of claiming their casualty losses on the return for the disaster year or the previous year. By amending the 2000 return, a taxpayer obtains a refund in a few weeks, rather than waiting until filing the 2001 return. Taxpayers on extension to file a 2000 return may include the disaster loss on that return.
Taxpayers must reduce the amount of loss by any insurance or other reimbursements received or expected. For personal-use property, individuals must first subtract $100 for each casualty event. From the remaining total losses for the year, they subtract 10% of their adjusted gross...
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