I sent an email to my tax accountant in Dec 2022 asking how to claim a “Hurricane IAN” casualty loss on my 2022 federal taxes. Since hurricane IAN is a federally declared disaster, with an approved FEMA disaster code (DR-4673-FL), individuals may claim a disaster loss on their federal tax form (under certain conditions).
Note that I’m not a tax expert and provide this information as-is. You will/should contact your own tax accountant for additional information.
My tax accountant responded with 2 attachments that help explain this issue:
- Hurricane IAN CPA Tax Assistance Guide. This guide was provided by a service my tax accountant obtained that provides business advise.
- IRS Booklet 584. This booklet is published by the IRS and provides instructions and help guide on how to calculate a loss that you may deduct.
- DR-4673-FL. FEMA Hurricane IAN Quick Links
Most of the requirements necessary to calculate your loss state that you must calculate the loss suffered by comparing the pre-IAN residence value to the post-IAN value. Additionally, this paragraph was included in the brief sent to my accountant which implies that you can claim a loss on the “cost to repair or replace” damaged items.
Send email to me if you want me to correct or alter this information at: ele@EdbergNet.com