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Disaster Tax Relief

Physician's Money Digest, September30 2004, Volume 11, Issue 18

In the wake of the recent hurricanes,the damage the storms did in lives andproperty will linger for a while, perhapsyears. It may be a slight consolation, butthose who live in a location that has beendesignated as a federal disaster area don't need to wait until next April to claimcasualty-loss deductions. They can deductcasualty losses from last year's taxes byfiling an amended return. The write-off islimited to the market value of the property,less any insurance reimbursement, less10% of the taxpayer's adjusted grossincome. There are other restrictions aswell; for the full lowdown on casualty-lossdeductions, go to www.irs.gov/formspubs and review IRS Publication 547—Casualties, Disasters, and Thefts.