Should I be looking for tax breaks from Hurricane Ian? I did not have damage done o property but I was out of work for 3 weeks and it did impact me financially.

christine57m · ‎February 7, 2023

DMarkM1 · ‎February 7, 2023

No the casualty loss is for property loss. Simply put a taxpayer pays taxes on income and if some of that income is paid out to make repairs to or replace property due to an unplanned/catastrophic event, then the IRS offers some relief by not taxing some of that income spent on extraordinary events. However, if income is just not there (never happened) there is zero tax burden to relieve.

Here is a link with more information on the Casualty Loss Deduction.

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Should I be looking for tax breaks from Hurricane Ian? I did not have damage done o property but I was out of work for 3 weeks and it did impact me financially.