KILLER IRS Tax Deductions For Casualty, Disaster, And Theft Losses

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) August 12, 2010 -- Casualty losses can result from different causes such as hurricanes, floods, earthquake, explosions, fires, etc. They can cause damage or destruction of your property.

If you suffer any casualty losses, you can claim a tax deduction for your losses on your tax returns.

If you are subject to a casualty or theft loss, you may be able to claim a theft loss tax deduction.

Determine Your Casualty Or Theft Loss Deductions

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KILLER IRS Tax Deductions For Casualty, Disaster, And Theft Losses

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In order to determine your deduction, you must reduce each casualty or theft loss by $100. Prior to this, you must reduce your loss by any reimbursements.

Furthermore, you must reduce your total casualty or theft loss by 10% of your adjusted gross income.

Tax Deduction For Losses Related To Federally Declared Disasters

There are new tax rules for individuals who suffer losses attributable to disasters federally declared.

According to the new law, all taxpayers are allowed to claim the net disaster loss tax deduction, even if they do not itemize deductions. In addition, the limit of 10% of your adjusted gross income, when determining your casualty or theft loss is removed.

Other tax rule changes may apply, depending on your casualty or theft loss circumstances.

Contact Joe Mastriano, today and get started on resolving your tax problems. With over 30 years of experience and thousands of satisfied clients, we are willing to do the work for you. We will file your returns, meet with the IRS, handle revenue officers, represent you in audits, file for appeals and more. We’ll do whatever it takes to solve your tax problem. Call today to speak with a representative. 713-774-4467

More information can be found online at http://www.taxproblem.org/income-tax-breaks-blog/below-the-line-deductions/casualty-disaster-and-theft-losses/

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