- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
@JarvisPLLC wrote:
UPDATE
Hurricane Ian is still not a "Qualified Loss Disaster" for purposes of avoiding the 10% AGI limitation.
I am still amazed that I am still seeing incorrect information posted on this message board from "Tax Experts" with respect to this issue. If anyone believes that I am incorrect, then why are there Senators and Representatives of the Federal government trying to pass tax law to have Hurricane Ian be classified as a "Qualified Loss Disaster".
What you posted is the Senator's bill that would provide Tax Relief for Floridians affected by Hurricane Ian. It has absolutely nothing to do with the classification of Hurricane Ian as a federally declared disaster, which it has been by FEMA with designator DR-4673-FL. FEMA website - https://www.fema.gov/disaster/4673
The legislation has not been enacted as of this date. If enacted it would -
The Hurricane Tax Relief Act would make Hurricanes Ian, Nicole and Fiona qualified disasters for purposes of enhanced disaster casualty loss tax relief. This bill modifies the deduction for personal casualty losses in the hurricane disaster areas, waiving the requirements for impacted taxpayers to itemize deductions and to have losses that exceed 10% of adjusted gross income.
Until legislation is enacted the current tax code Must be used, not speculation.