Tally up your Casualty Losses (Year-End Tax Moves)

Sadly, many people will be claiming casualty losses for damage done to their homes, cars, and personal property as a result of Hurricanes Katrina, Rita, and Wilma. So far, casualty losses for Katrina-related damage will be 100% tax deductible. Pending legislation will extend this tax relief to Rita and Wilma victims. Try to document, as best you can, the dollar value of damage done to your home, furnishings, car, business, and other personal property. Casualty losses can be deducted against your 2004 tax return, or your 2005 tax return.

• Hurricane Tax Relief
• Casualty and Theft Losses