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Losses; Declared Disaster Area

 
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Eric Albrecht



Joined: 13 Feb 2008
Posts: 2

PostPosted: Wed Feb 13, 2008 5:50 pm    Post subject: Losses; Declared Disaster Area Reply with quote

Greetings,

Im have a question regarding the deductability of losses suffered
during a federally declared natural disaster. I have read IRS
Publication 547, but it did not really answer my question.

Here is the situation:

I suffered losses in a federally declared natural disaster (FEMA
disaster 1735 seen here http://www.fema.gov/news/event.fema?published=1&id=9172)

I do have property insurance and they reimbursed me after I payed my
deductible which was $2000. My question: Can I deduct from my taxes
this $2000 insurance deductible? Do the 10% rule or $100 rule apply
to this situation?

Kind Regards,
Eric

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