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New Member
posted Jun 10, 2025 10:37:33 PM

I was impacted by Hurricane Beryl in 2024, what deductions can I claim and how do I request underpayment penalty be waived?

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2 Replies
Level 15
Jun 11, 2025 1:46:37 AM

see this IRS webpage

https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-beryl-in-texas-various-deadlines-postponed-to-feb-3-2025 

note there is a typo in one place where the deadline is listed as 2/3/2024 it is 2/3/2025

 

per the webpage, certain penalties should automatically be waived. if not, call the number in the notice

 

see  the casualty loss section for instructions on claiming losses by filing form 4684

you have extra time – up to six months after the due date of your federal income tax return for 2024 (without regard to any extension of time to file)  (ie 10/15/20225) – to make the election to claim the losses on your 2023 return. 

you may want to consult a tax pro to see which year would be most beneficial.

 

if you have specific questions, post them back in this thread 

Level 15
Jun 12, 2025 6:25:08 AM

For casualty losses, you can deduct your loss without regard to the usual limits on such deductions, meaning you can deduct the loss even if you don't itemize your other personal deductions.

https://www.irs.gov/taxtopics/tc515

 

Your loss is the loss in value of the property caused by the storm.  If you repair/restore the property to as-was condition, then your costs are allowed to be taken as a a fair estimate of the loss.  But if you did not restore the property, or if you made the property better (such as using the insurance money to remodel an outdated kitchen) then you may need an appraisal to determine the amount of your loss.  You also can't deduct any part of your loss that was covered by insurance, or that would have been covered by insurance except you decided not to file a claim.  

 

You claim the loss deduction (if you have one) on your tax return using form 4684.  You must include the FEMA number of the disaster on your tax return, that will tell the IRS that you are claiming a qualified disaster loss.

 

Other provisions (like penalty waivers) are explained on the IRS web site at the link provided.