DON'T MISS THE APRIL 17TH DEADLINE TO FILE AND AMENDED RETURN

DON'T MISS THE APRIL 17TH DEADLINE TO FILE AND AMENDED RETURN

See new information posted March 29, 2017:
HOW DO YOU ELECT TO CLAIM LOSS IN YEAR PRECEDING “DISASTER YEAR”

 

There were 99 disasters in 2011.You can view the list and get details of each declaration at "http://www.fema.gov/news/disaster_totals_annual.fema."

You can also get a quick view of qualified federal disasters at “BEST WISHES TO THOSE WHO CONTINUE TO DEAL WITH DISASTER RECOVERY” on this blog.

If you have a deductible loss related to one of the 2011 declarations, you can claim the loss on either your 2011 or 2010 income tax return. By now your 2010 return should have been filed, so yu you would claim the loss in 2010 on an amended return for that year.

There is a looming deadline for making that election. April 17, 2011 is the deadline. There are no extension allowed to decide to claim a 2011 disaster loss on your 2010 return.

After April 17, 2011, you will only be able to claim the loss only on your 2011 return.

There are no limitations on who can make the election to deduct the disaster loss on either the 2010 or 2011 return, except that it must be one of the 99 disasters listed on the FEMA website.

If you need assistance in making the claimed deduction, IRS pub 547 can be useful.

If you still need help - send me an email.

BUT be careful. See other blog posts:

9-12-2011:  DON'T RUSH TO DEDUCT!

5-27-2011:  Why is the Cost of Repairs Method of Loss Valuation not the one to use?

7/16/2008:  Loss Valuation Cost of Repairs Method

6/18/2008:  Figuring the Loss – Market Value Method

All rights to reproduce or quote any part of the chapter in any other publication are reserved by the author. Republication rights limited by the publisher of the book in which this chapter appears also apply.

	JOHN TRAPANI
	Certified Public Accountant
	2975 E. Hillcrest Drive #403
	Thousand Oaks, CA 91362
	(805) 497-4411       E-mail John@TrapaniCPA.com
	Website: www.TrapaniCPA.com
	Blog: www.AccountantForDisasteRrecovery.com
	It All Adds Up For You

This material was contributed by John Trapani. A Certified Public Accountant who has assisted taxpayers since 1976, in analyzing and reporting transactions of the type covered in this material.  

Internal Revenue Service Circular 230 Disclosure

This is a general discussion of tax law. The application of the law to specific facts may involve aspects that are not identical to the situations presented in this material. Relying on this material does not qualify as tax advice for purpose of mounting a defense of a tax position with the taxing authorities

The analysis of the tax consequences of any event is based on tax laws in effect at the time of the event.

This material was completed on the date of the posting

© 2012, John Trapani, CPA,