chesswarsnow
"SASQUATCH IS WATCHING"
- Thread starter
- #21
Sorry bout that,
1. *Darkness* abounds.
2. LINK:A possible tax hit for Sandy
" Say you incur a $20,000 personal casualty loss this year and have AGI of $100,000. Your write-off is a relatively puny $9,900 ($20,000 minus $100 minus $10,000). You get absolutely no tax break if your loss before the two required subtractions is $10,100 or less, and you have no chance at all if you don’t itemize.
But let’s assume you do have a deductible personal casualty loss from a 2012 event after the two subtractions. If the loss was caused by a disaster in a federally declared disaster area (more on that later), a special rule allows you to claim your rightful deduction either this year or last year. For example, victims of Hurricane Sandy can file amended 2011 returns and claim their losses last year. This rule allows you to get some immediate tax savings instead of having to wait until next year when you finally get around to filing your 2012 return. Remember: this special rule is only available for losses in federally declared disaster areas. You can find a by-state listing of these areas by using the interactive map on the Federal Emergency Management Agency (FEMA) website at FEMA.gov | Federal Emergency Management Agency ."
3. *Darkness* has no reward.
4. Or benefit of loss, *Darkness* can get to you as well, as well as those who are suffering with Sandy the Hurricane.
Regards,
SirJamesofTexas
1. *Darkness* abounds.
2. LINK:A possible tax hit for Sandy
" Say you incur a $20,000 personal casualty loss this year and have AGI of $100,000. Your write-off is a relatively puny $9,900 ($20,000 minus $100 minus $10,000). You get absolutely no tax break if your loss before the two required subtractions is $10,100 or less, and you have no chance at all if you don’t itemize.
But let’s assume you do have a deductible personal casualty loss from a 2012 event after the two subtractions. If the loss was caused by a disaster in a federally declared disaster area (more on that later), a special rule allows you to claim your rightful deduction either this year or last year. For example, victims of Hurricane Sandy can file amended 2011 returns and claim their losses last year. This rule allows you to get some immediate tax savings instead of having to wait until next year when you finally get around to filing your 2012 return. Remember: this special rule is only available for losses in federally declared disaster areas. You can find a by-state listing of these areas by using the interactive map on the Federal Emergency Management Agency (FEMA) website at FEMA.gov | Federal Emergency Management Agency ."
3. *Darkness* has no reward.
4. Or benefit of loss, *Darkness* can get to you as well, as well as those who are suffering with Sandy the Hurricane.
Regards,
SirJamesofTexas