<!DOCTYPE html><html lang="en"><head><base href="/"><title>Claiming A Loss After A Disaster Like Hurricane Harvey</title><meta charset="UTF-8"><meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1"><meta name="viewport" content="width=device-width,initial-scale=1,maximum-scale=1,user-scalable=no"><link rel="canonical" itemprop="url" href="https://www.forbes.com/sites/kellyphillipserb/2017/08/29/claiming-a-casualty-loss-after-a-disaster-like-hurricane-harvey/"><script>!function(e){function n(r){if(t[r])return t[r].exports;var o=t[r]={i:r,l:!1,exports:{}};return e[r].call(o.exports,o,o.exports,n),o.l=!0,o.exports}var r=window.webpackJsonp;window.webpackJsonp=function(t,c,a){for(var i,u,f,s=0,d=[];s<t.length;s++)u=t[s],o[u]&&d.push(o[u][0]),o[u]=0;for(i in c)Object.prototype.hasOwnProperty.call(c,i)&&(e[i]=c[i]);for(r&&r(t,c,a);d.length;)d.shift()();if(a)for(s=0;s<a.length;s++)f=n(n.s=a[s]);return f};var t={},o={6:0};n.e=function(e){function 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<!----><h1 _ngcontent-c15="" class="fs-headline speakable-headline">Claiming A Loss After A Disaster Like Hurricane Harvey</h1>

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    <p class=&quot;wp-caption-text&quot;>People wait to be rescued from their flooded homes after the area was inundated with flooding from Hurricane Harvey on August 28, 2017 in Houston, Texas. (Photo by Joe Raedle/Getty Images)</p> 
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<p>Over the weekend, Hurricane Harvey (now Tropical Storm Harvey) made landfall on the Texas coast. The impact was immediate and devastating. The storm dumped more than 24 inches of rain&amp;nbsp;on Houston alone over a 24-hour period. Rainfall totals&amp;nbsp;could reach more than 50 inches in Texas as&amp;nbsp;the storm moves into Louisiana.</p>
<p>While the danger has not yet passed - and the full economic impact to the area is still unknown - there are steps that residents who are affected can take to recover some of the losses.&amp;nbsp;<strong>If you&amp;nbsp;are seeking information on immediate&amp;nbsp;disaster relief or how to file a claim through the National Flood Insurance Program (NFIP), visit <a href=&quot;https://www.disasterassistance.gov&quot; target=&quot;_blank&quot;>disasterassistance.gov</a>.</strong></p>
<p>Taxpayers who suffer economic loss due to a natural disaster like a hurricane can claim a casualty loss deduction on their federal income tax return. A casualty loss is defined as the damage, destruction or loss of your property from any sudden, unexpected, or unusual event. That includes a hurricane, flood, tornado, fire, earthquake or even volcanic eruption. A casualty loss does not include normal wear and tear or damage that happens over time, like <a href=&quot;http://www.forbes.com/sites/kellyphillipserb/2016/04/03/taxes-from-a-to-z-2016-t-is-for-termite-damage/&quot; target=&quot;_self&quot;>termite damage</a>.</p>
<p> 
 </p>
<p>To claim a casualty loss on your federal income tax return, you must itemize your deductions using <a href=&quot;https://www.irs.gov/pub/irs-pdf/f1040sa.pdf&quot; target=&quot;_blank&quot;>Schedule A, <em>Itemized Deductions</em></a> (downloads as a pdf). You'll&amp;nbsp;report the loss on line 20 of that form. You'll find it just below the section where you'd report charitable gifts:</p>
<div id=&quot;attachment_32535&quot; class=&quot;wp-caption alignnone&quot;> 
 <div class=&quot;article-body-image&quot;> 
  <progressive-image class=&quot;progressive-placeholder&quot; src=&quot;https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fkellyphillipserb%2Ffiles%2F2017%2F08%2F2016_Form_1040__Schedule_A_.jpg%3Fwidth%3D960&quot; low-res-src=&quot;https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fkellyphillipserb%2Ffiles%2F2017%2F08%2F2016_Form_1040__Schedule_A_.jpg%3Fwidth%3D960&quot;></progressive-image> 
  <small class=&quot;article-photo-credit&quot;>IRS</small> 
 </div> 
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  <div class=&quot;caption-container&quot; ng-class=&quot;caption_state&quot;> 
   <fbs-accordion current=&quot;0&quot;> 
    <p class=&quot;wp-caption-text&quot;>Schedule A, line 20</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div>
<div class=&quot;vestpocket&quot; vest-pocket=&quot;&quot;></div>
<p>So what's that number? You'll need to calculate the loss using&amp;nbsp;<a href=&quot;https://www.irs.gov/pub/irs-pdf/f4684.pdf&quot; target=&quot;_blank&quot;>federal form 4684, <em>Casualties and Thefts</em></a> (downloads as a pdf). On Page 1, at Part A of that form, you'll report any damage or loss of personal-use property like your home or car. On Page 2, at Part B of that form, you'll report any damage or&amp;nbsp;loss of business or income-producing property.</p>
<p>If your property is personal-use property or is not completely destroyed, the amount of your loss is the lesser of your adjusted <a href=&quot;http://www.forbes.com/sites/kellyphillipserb/2014/03/04/taxes-from-a-to-z-2014-b-is-for-basis/&quot; target=&quot;_self&quot;>basis</a> or the decrease in fair market value of your property because of the damage. For this purpose, your basis is typically&amp;nbsp;what you paid for the item plus&amp;nbsp;any long term improvements (like an addition).</p>"><div id="attachment_840245648" class="wp-caption alignnone"> 
 <div class="article-body-image"> 
  <progressive-image class="progressive-placeholder" src="https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F840245648%2F960x0.jpg%3Ffit%3Dscale" low-res-src="https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F840245648%2F960x0.jpg%3Ffit%3Dscale"></progressive-image> 
 </div> 
 <div article-image-caption=""> 
  <div class="caption-container" ng-class="caption_state"> 
   <fbs-accordion current="0"> 
    <p class="wp-caption-text">People wait to be rescued from their flooded homes after the area was inundated with flooding from Hurricane Harvey on August 28, 2017 in Houston, Texas. (Photo by Joe Raedle/Getty Images)</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div>
<p class="speakable-paragraph">Over the weekend, Hurricane Harvey (now Tropical Storm Harvey) made landfall on the Texas coast. The impact was immediate and devastating. The storm dumped more than 24 inches of rain&nbsp;on Houston alone over a 24-hour period. Rainfall totals&nbsp;could reach more than 50 inches in Texas as&nbsp;the storm moves into Louisiana.</p>
<p>While the danger has not yet passed - and the full economic impact to the area is still unknown - there are steps that residents who are affected can take to recover some of the losses.&nbsp;<strong>If you&nbsp;are seeking information on immediate&nbsp;disaster relief or how to file a claim through the National Flood Insurance Program (NFIP), visit <a href="https://www.disasterassistance.gov" target="_blank">disasterassistance.gov</a>.</strong></p>
<p>Taxpayers who suffer economic loss due to a natural disaster like a hurricane can claim a casualty loss deduction on their federal income tax return. A casualty loss is defined as the damage, destruction or loss of your property from any sudden, unexpected, or unusual event. That includes a hurricane, flood, tornado, fire, earthquake or even volcanic eruption. A casualty loss does not include normal wear and tear or damage that happens over time, like <a href="http://www.forbes.com/sites/kellyphillipserb/2016/04/03/taxes-from-a-to-z-2016-t-is-for-termite-damage/" target="_self">termite damage</a>.</p>
<p> 
 </p>
<p>To claim a casualty loss on your federal income tax return, you must itemize your deductions using <a href="https://www.irs.gov/pub/irs-pdf/f1040sa.pdf" target="_blank">Schedule A, <em>Itemized Deductions</em></a> (downloads as a pdf). You'll&nbsp;report the loss on line 20 of that form. You'll find it just below the section where you'd report charitable gifts:</p>
<div id="attachment_32535" class="wp-caption alignnone"> 
 <div class="article-body-image"> 
  <progressive-image class="progressive-placeholder" src="https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fkellyphillipserb%2Ffiles%2F2017%2F08%2F2016_Form_1040__Schedule_A_.jpg%3Fwidth%3D960" low-res-src="https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fkellyphillipserb%2Ffiles%2F2017%2F08%2F2016_Form_1040__Schedule_A_.jpg%3Fwidth%3D960"></progressive-image> 
  <small class="article-photo-credit">IRS</small> 
 </div> 
 <div article-image-caption=""> 
  <div class="caption-container" ng-class="caption_state"> 
   <fbs-accordion current="0"> 
    <p class="wp-caption-text">Schedule A, line 20</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div>
<div class="vestpocket" vest-pocket=""></div>
<p>So what's that number? You'll need to calculate the loss using&nbsp;<a href="https://www.irs.gov/pub/irs-pdf/f4684.pdf" target="_blank">federal form 4684, <em>Casualties and Thefts</em></a> (downloads as a pdf). On Page 1, at Part A of that form, you'll report any damage or loss of personal-use property like your home or car. On Page 2, at Part B of that form, you'll report any damage or&nbsp;loss of business or income-producing property.</p>
<p>If your property is personal-use property or is not completely destroyed, the amount of your loss is the lesser of your adjusted <a href="http://www.forbes.com/sites/kellyphillipserb/2014/03/04/taxes-from-a-to-z-2014-b-is-for-basis/" target="_self">basis</a> or the decrease in fair market value of your property because of the damage. For this purpose, your basis is typically&nbsp;what you paid for the item plus&nbsp;any long term improvements (like an addition).</p></div>
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	</app-root><script id="ng-templates-state" type="application/json">{&q;environmentName&q;:&q;prod&q;,&q;is_mobile&q;:false,&q;/forbesapi/content/uri.json?shortcodes=true&a;slides=true&a;type=ng&a;tickers=true&a;bvallpages=true&a;autovpslider=true&a;stream=true&a;compressimages=true&a;mobile=false&a;prgsmobileads=false&a;relativeVideo=true&a;videoplayertype=brightcove_perform_with_keyvalues&a;swimlane=&a;uri=http://www.forbes.com/sites/kellyphillipserb/2017/08/29/claiming-a-casualty-loss-after-a-disaster-like-hurricane-harvey/&q;:{&q;content&q;:{&q;id&q;:&q;content_59a53a3364aaf9435aebcad7&q;,&q;naturalId&q;:&q;blogAndPostId/blog/post/1479-32529&q;,&q;source&q;:&q;blogs&q;,&q;author&q;:&q;Kelly Phillips Erb&q;,&q;title&q;:&q;Claiming A Loss After A Disaster Like Hurricane Harvey&q;,&q;date&q;:1504005420000,&q;body&q;:&q;&l;p&g;[caption id=\&q;attachment_840245648\&q; photocredit=\&q;\&q;  align=\&q;\&q; width=\&q;960\&q;]&l;img class=\&q;dam-image getty size-large wp-image-840245648\&q; src=\&q;https://specials-images.forbesimg.com/imageserve/840245648/960x0.jpg?fit=scale\&q; data-height=\&q;640\&q; data-width=\&q;960\&q;&g; People wait to be rescued from their flooded homes after the area was inundated with flooding from Hurricane Harvey on August 28, 2017 in Houston, Texas. (Photo by Joe Raedle/Getty Images)[/caption]\r\n\r\nOver the weekend, Hurricane Harvey (now Tropical Storm Harvey) made landfall on the Texas coast. The impact was immediate and devastating. The storm dumped more than 24 inches of rain&a;nbsp;on Houston alone over a 24-hour period. Rainfall totals&a;nbsp;could reach more than 50 inches in Texas as&a;nbsp;the storm moves into Louisiana.\r\n\r\nWhile the danger has not yet passed - and the full economic impact to the area is still unknown - there are steps that residents who are affected can take to recover some of the losses.&a;nbsp;&l;strong&g;If you&a;nbsp;are seeking information on immediate&a;nbsp;disaster relief or how to file a claim through the National Flood Insurance Program (NFIP), visit &l;a href=\&q;https://www.disasterassistance.gov\&q; target=\&q;_blank\&q;&g;disasterassistance.gov&l;/a&g;.&l;/strong&g;\r\n\r\nTaxpayers who suffer economic loss due to a natural disaster like a hurricane can claim a casualty loss deduction on their federal income tax return. A casualty loss is defined as the damage, destruction or loss of your property from any sudden, unexpected, or unusual event. That includes a hurricane, flood, tornado, fire, earthquake or even volcanic eruption. A casualty loss does not include normal wear and tear or damage that happens over time, like &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2016/04/03/taxes-from-a-to-z-2016-t-is-for-termite-damage/\&q;&g;termite damage&l;/a&g;.\r\n\r\nTo claim a casualty loss on your federal income tax return, you must itemize your deductions using &l;a href=\&q;https://www.irs.gov/pub/irs-pdf/f1040sa.pdf\&q; target=\&q;_blank\&q;&g;Schedule A, &l;em&g;Itemized Deductions&l;/em&g;&l;/a&g; (downloads as a pdf). You&s;ll&a;nbsp;report the loss on line 20 of that form. You&s;ll find it just below the section where you&s;d report charitable gifts:\r\n\r\n[caption id=\&q;attachment_32535\&q; photocredit=\&q;IRS\&q;  align=\&q;\&q; width=\&q;640\&q;]&l;img class=\&q;size-full wp-image-32535\&q; src=\&q;http://blogs-images.forbes.com/kellyphillipserb/files/2017/08/2016_Form_1040__Schedule_A_.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;235\&q; data-width=\&q;640\&q;&g; Schedule A, line 20[/caption]\r\n\r\nSo what&s;s that number? You&s;ll need to calculate the loss using&a;nbsp;&l;a href=\&q;https://www.irs.gov/pub/irs-pdf/f4684.pdf\&q; target=\&q;_blank\&q;&g;federal form 4684, &l;em&g;Casualties and Thefts&l;/em&g;&l;/a&g; (downloads as a pdf). On Page 1, at Part A of that form, you&s;ll report any damage or loss of personal-use property like your home or car. On Page 2, at Part B of that form, you&s;ll report any damage or&a;nbsp;loss of business or income-producing property.\r\n\r\nIf your property is personal-use property or is not completely destroyed, the amount of your loss is the lesser of your adjusted &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2014/03/04/taxes-from-a-to-z-2014-b-is-for-basis/\&q;&g;basis&l;/a&g; or the decrease in fair market value of your property because of the damage. For this purpose, your basis is typically&a;nbsp;what you paid for the item plus&a;nbsp;any long term improvements (like an addition).\r\n&l;!--nextpage--&g;\r\nIf your property is business or income-producing property, such as rental property, and is completely destroyed, then the amount of your loss is your adjusted basis. For this purpose,&a;nbsp;your basis is typically&a;nbsp;what you paid for the item plus&a;nbsp;any long term improvements less any depreciation that you might have previously claimed for your business property.\r\n\r\nTo the extent that you could&a;nbsp;salvage&a;nbsp;your property or if you were reimbursed by insurance, you must report those adjustments.&a;nbsp;If you expect to be reimbursed by insurance but haven&s;t yet received any money, you have to report that, too. Don&s;t worry: you can always amend your return (or otherwise report the adjustment on next year&s;s return) if it turns out that you received more or less than expected.\r\n\r\nSome property may not be covered by insurance. Unfortunately, according to figures from the NFIP, most homes affected by Harvey &l;a href=\&q;http://money.cnn.com/2017/08/25/news/economy/hurricane-harvey-flood-insurance/index.html?iid=EL\&q; target=\&q;_blank\&q;&g;are not covered&l;/a&g; by flood insurance. Just 15% of homes in Harris Country, home to Houston, are covered by flood insurance; the number tips to just 20% in neighboring Nueces County.\r\n\r\nFor damage not covered or reimbursed by any insurance, subtract $100 for&a;nbsp;each event (meaning storm or disaster). Next,&a;nbsp;subtract 10% of your adjusted gross income (AGI) from that amount&a;nbsp;to calculate your allowable loss.\r\n\r\nHere&s;s a quick example:\r\n&l;/p&g;&l;blockquote&g;Your AGI is $50,000. You suffered damage to your home during Hurricane Harvey and the value of your home decreased by $15,000. You received $2,000 in insurance money. Your initial loss is $15,000 less $2,000 (insurance), or $13,000. That amount is reduced to $12,900 ($13,000 less $100). Finally, subtract $5,000 (10% of your AGI). Your casualty loss, for tax purposes, is&a;nbsp;$7,900.&l;/blockquote&g;\r\nIf, after you figure your loss deduction, it&s;s more than your income, you may have a net operating loss.&a;nbsp;However, &l;em&g;you don&s;t have to own a business to claim a casualty loss. &l;/em&g;You can find out more about operating losses &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2016/10/02/as-talk-turns-to-trump-tax-returns-heres-what-you-need-to-know-about-net-operating-losses/\&q;&g;here&l;/a&g;.\r\n\r\nAs with most deductions, you&s;ll want to keep excellent records. It&s;s a good&a;nbsp;idea to take pictures of the damage: hopefully, you have some before pictures to compare to the after. Keep receipts of repairs and replacement values. In some cases, you may need or want to obtain an appraisal.\r\n\r\nCasualty losses are generally deductible in the year the loss&a;nbsp;occurred. However, if you have a casualty loss from a federally declared disaster, you can choose to treat it&a;nbsp;as having occurred in the&a;nbsp;previous year.\r\n\r\n[caption id=\&q;attachment_32532\&q; photocredit=\&q;FEMA\&q;  align=\&q;\&q; width=\&q;640\&q;]&l;img class=\&q;size-full wp-image-32532\&q; src=\&q;http://blogs-images.forbes.com/kellyphillipserb/files/2017/08/Texas_Hurricane_Harvey__DR-4332____FEMA_gov.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;342\&q; data-width=\&q;640\&q;&g; FEMA disaster areas after Harvey[/caption]\r\n\r\nFor a list of federally declared disaster areas, check out the &l;a href=\&q;https://www.fema.gov/disasters/grid/state-tribal-government/24\&q; target=\&q;_blank\&q;&g;Federal Emergency Management Agency (FEMA) website&l;/a&g;. As of today, a disaster due to&a;nbsp;&l;a href=\&q;https://www.fema.gov/disaster/4332\&q; target=\&q;_blank\&q;&g;Hurricane Harvey&l;/a&g; had been declared in the&a;nbsp;following counties: Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria, and Wharton.\r\n\r\nAdditional tax relief&a;nbsp;may be available, including extensions of time to file and make payments.&a;nbsp;The IRS has announced extensions&a;nbsp;for taxpayers affected by Hurricane Harvey - find out more &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2017/08/28/irs-announces-tax-relief-for-taxpayers-affected-by-hurricane-harvey/\&q;&g;here&l;/a&g;.\r\n\r\nAs terrible as disasters are, they can also bring out the good in people. Remember that your gifts to qualifying charitable organizations are tax deductible (assuming you itemize) in the year that you make the gift. Be generous, be smart and get receipts. You can find out more &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2017/08/28/helping-out-after-hurricane-harvey-where-what-how-to-donate/\&q;&g;here&l;/a&g;.&q;,&q;description&q;:&q;Taxpayers who suffer economic loss due to a natural disaster like Hurricane Harvey may be able to claim a casualty loss deduction on a federal income tax return. Here&s;s what you need to know.&q;,&q;image&q;:&q;https://specials-images.forbesimg.com/imageserve/840245648/960x0.jpg?fit=scale&q;,&q;type&q;:&q;blog&q;,&q;storyType&q;:&q;post&q;,&q;uri&q;:&q;http://www.forbes.com/sites/kellyphillipserb/2017/08/29/claiming-a-casualty-loss-after-a-disaster-like-hurricane-harvey/&q;,&q;comments&q;:[],&q;visible&q;:true,&q;authors&q;:[{&q;naturalId&q;:&q;blogAuthorId/blog/author/63313&q;,&q;name&q;:&q;Kelly Phillips Erb&q;,&q;avatars&q;:[{&q;size&q;:400,&q;image&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=400&a;d=mm&a;r=g&q;},{&q;size&q;:136,&q;image&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=136&a;d=mm&a;r=g&q;},{&q;size&q;:62,&q;image&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=62&a;d=mm&a;r=g&q;},{&q;size&q;:40,&q;image&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=40&a;d=mm&a;r=g&q;}],&q;url&q;:&q;http://www.forbes.com/sites/kellyphillipserb/&q;,&q;type&q;:&q;Forbes Staff&q;,&q;profileUrl&q;:&q;/sites/kellyphillipserb/&q;,&q;authorType&q;:&q;individual&q;,&q;linkedIn&q;:&q;http://www.linkedin.com/in/taxgirl/&q;,&q;email&q;:&q;kelly.erb@taxgirl.com&q;,&q;blog&q;:false,&q;timestamp&q;:1509719926570,&q;webSite&q;:&q;http://www.kellyphillipserb.com&q;,&q;blogName&q;:&q;Taxgirl&q;,&q;topics&q;:[&q;taxes&q;,&q;investing&q;,&q;oped&q;,&q;lifestyle&q;,&q;politics&q;,&q;business&q;,&q;sportsmoney&q;,&q;international&q;,&q;sports--leisure&q;,&q;law&q;,&q;tech&q;,&q;personal-finance&q;,&q;pharma-and-health&q;,&q;media--entertainment&q;,&q;olympics&q;,&q;security&q;,&q;washington&q;,&q;policy&q;,&q;philanthropy&q;,&q;retail&q;,&q;real-estate&q;,&q;retirement&q;,&q;stocks&q;,&q;mutual-funds&q;,&q;autos&q;,&q;regulation&q;,&q;the-worlds-billionaires&q;,&q;education&q;,&q;social-media&q;,&q;financial-planning-playbook&q;,&q;commodities-currencies&q;,&q;healthcare--fiscal&q;,&q;taxes-and-law&q;,&q;health&q;,&q;powering-productivity&q;,&q;world-cup&q;,&q;europe&q;,&q;drinks&q;,&q;on-demand&q;,&q;startups&q;,&q;entrepreneurs&q;],&q;recentFlag&q;:false,&q;description&q;:&q;Years ago, I found myself sitting in law school in Moot Court wearing an oversized itchy blue suit. It was a horrible experience. In a desperate attempt to avoid anything like that in the future, I enrolled in a tax course. I loved it. I signed up for another. Before I knew it, in addition to my JD, I earned an LL.M Taxation. \r\n\r\nWhile at law school, I interned at the estates attorney division of the IRS. At IRS, I participated in the review and audit of federal estate tax returns. At one such audit, opposing counsel read my report, looked at his file and said, \&q;Gentlemen, she’s exactly right.\&q; I nearly fainted. It was a short jump from there to practicing, teaching, writing and breathing tax. Just like that, Taxgirl® was born.&q;,&q;recentActivityCount&q;:0,&q;latestActivityDate&q;:1447646880000,&q;dailyActivityCount&q;:0,&q;primaryBlogNaturalId&q;:&q;blogAuthorId/blog/author/blog-1479&q;,&q;shortUri&q;:&q;http://onforb.es/12lj1wZ&q;,&q;displayChannel&q;:&q;investing&q;,&q;displaySection&q;:&q;taxes&q;,&q;contributorSince&q;:1304017327000,&q;slug&q;:&q;kellyphillipserb&q;,&q;showNoVestPocket&q;:false,&q;embargo&q;:false,&q;primaryChannelId&q;:&q;channel_2&q;,&q;primarySectionId&q;:&q;section_15&q;,&q;googlePlus&q;:&q;KellyPhillipsErb&q;,&q;facebookPage&q;:&q;http://www.facebook.com/taxgirl&q;,&q;altEmail&q;:&q;kerb@forbes.com&q;,&q;enableContribContact&q;:true,&q;sigfile&q;:&q;&l;em&g;Want more taxgirl goodness? Pick your poison: follow me on &l;a href=\&q;http://www.twitter.com/taxgirl\&q;&g;twitter,&l;/a&g; hang out on &l;a href=\&q;http://www.facebook.com/taxgirl\&q;&g;Facebook&l;/a&g; and &l;a href=\&q;https://plus.google.com/+KellyPhillipsErb/\&q;&g;Google&l;/a&g;, play on &l;a href=\&q;http://www.pinterest.com/taxgirl/\&q;&g;Pinterest&l;/a&g; or check out my &l;a href=\&q;http://www.youtube.com/taxgirlvideos\&q;&g;YouTube&l;/a&g; channel. &l;/em&g;&q;,&q;enableTwitterFeed&q;:false,&q;instagramHandle&q;:&q;therealtaxgirl/&q;,&q;disableCanonical&q;:false,&q;disableDigest&q;:false,&q;inactive&q;:true,&q;badges&q;:[&q;tendingBadge&q;],&q;primaryChannel&q;:{&q;id&q;:&q;channel_2&q;,&q;channelId&q;:&q;channel_2&q;,&q;channelName&q;:&q;Investing&q;,&q;sectionId&q;:&q;section_15&q;,&q;sectionName&q;:&q;Taxes&q;,&q;url&q;:&q;/taxes&q;,&q;shortName&q;:&q;Taxes&q;},&q;allowEmail&q;:false,&q;avatar_map&q;:{}},{&q;naturalId&q;:&q;blogAuthorId/blog/author/blog-1479&q;,&q;name&q;:&q;Taxgirl&q;,&q;avatars&q;:[{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;}],&q;url&q;:&q;http://www.forbes.com/sites/kellyphillipserb/&q;,&q;profileUrl&q;:&q;https://blogs.forbes.com/kellyphillipserb/profile/&q;,&q;authorType&q;:&q;individual&q;,&q;linkedIn&q;:&q;http://www.linkedin.com/in/taxgirl&q;,&q;blog&q;:true,&q;timestamp&q;:1513885970437,&q;topics&q;:[&q;investing&q;,&q;taxes&q;,&q;oped&q;,&q;politics&q;,&q;business&q;,&q;sportsmoney&q;,&q;international&q;,&q;law&q;,&q;sports--leisure&q;,&q;tech&q;,&q;personal-finance&q;,&q;pharma-and-health&q;,&q;media--entertainment&q;,&q;olympics&q;,&q;security&q;,&q;washington&q;,&q;policy&q;,&q;philanthropy&q;,&q;retail&q;,&q;real-estate&q;,&q;retirement&q;,&q;stocks&q;,&q;mutual-funds&q;,&q;autos&q;,&q;regulation&q;,&q;the-worlds-billionaires&q;,&q;education&q;,&q;social-media&q;,&q;financial-planning-playbook&q;,&q;commodities-currencies&q;,&q;healthcare--fiscal&q;,&q;taxes-and-law&q;,&q;health&q;,&q;powering-productivity&q;,&q;world-cup&q;,&q;europe&q;,&q;drinks&q;,&q;on-demand&q;,&q;startups&q;,&q;entrepreneurs&q;],&q;recentFlag&q;:false,&q;description&q;:&q;I cover tax: paying tax is painful but reading about it shouldn&s;t be.&q;,&q;recentActivityCount&q;:6,&q;latestActivityDate&q;:1447646880000,&q;dailyActivityCount&q;:0,&q;primaryBlogNaturalId&q;:&q;blogAuthorId/blog/author/blog-1479&q;,&q;primaryContributor&q;:&q;blogAuthorId/blog/author/63313&q;,&q;primaryContributorData&q;:{&q;naturalId&q;:&q;blogAuthorId/blog/author/63313&q;,&q;name&q;:&q;Kelly Phillips Erb&q;,&q;avatars&q;:[{&q;size&q;:136,&q;image&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=136&a;#038;d=mm&a;#038;r=g&q;},{&q;size&q;:400,&q;image&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=400&a;#038;d=mm&a;#038;r=g&q;},{&q;size&q;:40,&q;image&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=40&a;#038;d=mm&a;#038;r=g&q;},{&q;size&q;:62,&q;image&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=62&a;#038;d=mm&a;#038;r=g&q;}],&q;blog&q;:false,&q;shortBio&q;:&q;I cover tax: paying tax is painful but reading about it shouldn&s;t be.&q;,&q;description&q;:&q;Years ago, I found myself sitting in law school in Moot Court wearing an oversized itchy blue suit. It was a horrible experience. In a desperate attempt to avoid anything like that in the future, I enrolled in a tax course. I loved it. I signed up for another. Before I knew it, in addition to my JD, I earned an LL.M Taxation. \r\n\r\nWhile at law school, I interned at the estates attorney division of the IRS. At IRS, I participated in the review and audit of federal estate tax returns. At one such audit, opposing counsel read my report, looked at his file and said, \&q;Gentlemen, she’s exactly right.\&q; I nearly fainted. It was a short jump from there to practicing, teaching, writing and breathing tax. Just like that, Taxgirl® was born.&q;,&q;allowEmail&q;:false},&q;shortUri&q;:&q;http://onforb.es/12lj1wZ&q;,&q;displayChannel&q;:&q;investing&q;,&q;displaySection&q;:&q;taxes&q;,&q;contributorSince&q;:1304003059000,&q;slug&q;:&q;kellyphillipserb&q;,&q;showNoVestPocket&q;:false,&q;embargo&q;:false,&q;primaryChannelId&q;:&q;channel_2&q;,&q;primarySectionId&q;:&q;section_15&q;,&q;googlePlus&q;:&q;KellyPhillipsErb&q;,&q;facebookPage&q;:&q;http://www.facebook.com/taxgirl&q;,&q;enableContribContact&q;:false,&q;enableTwitterFeed&q;:true,&q;instagramHandle&q;:&q;therealtaxgirl&q;,&q;disableCanonical&q;:false,&q;disableDigest&q;:false,&q;inactive&q;:false,&q;primaryChannel&q;:{&q;id&q;:&q;channel_2&q;,&q;channelId&q;:&q;channel_2&q;,&q;channelName&q;:&q;Investing&q;,&q;sectionId&q;:&q;section_15&q;,&q;sectionName&q;:&q;Taxes&q;,&q;url&q;:&q;/taxes&q;,&q;shortName&q;:&q;Taxes&q;},&q;allowEmail&q;:false,&q;avatar_map&q;:{}}],&q;channelSection&q;:[{&q;channelId&q;:&q;channel_2&q;},{&q;channelId&q;:&q;channel_2&q;,&q;sectionId&q;:&q;section_15&q;}],&q;slug&q;:&q;Taxgirl&q;,&q;blogType&q;:&q;individual&q;,&q;sitePage&q;:&q;forbes.com/investing/blogs/kellyphillipserb/index.html&q;,&q;displayChannel&q;:&q;investing&q;,&q;displaySection&q;:&q;taxes&q;,&q;vestPocketList&q;:[{&q;id&q;:&q;59a467ab64aaf9435aebc899&q;,&q;type&q;:&q;blog&q;,&q;uri&q;:&q;http://www.forbes.com/sites/kellyphillipserb/2017/08/28/irs-announces-tax-relief-for-taxpayers-affected-by-hurricane-harvey/&q;,&q;image&q;:&q;https://specials-images.forbesimg.com/imageserve/41510735/960x0.jpg?fit=scale&q;,&q;title&q;:&q;IRS Announces Tax Relief For Taxpayers Affected By Hurricane Harvey&q;,&q;contentType&q;:&q;blog&q;,&q;position&q;:0,&q;naturalId&q;:&q;blogAndPostId/blog/post/1479-32524&q;,&q;authorImage&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=40&a;d=mm&a;r=g&q;,&q;authorUrl&q;:&q;http://www.forbes.com/sites/kellyphillipserb/&q;,&q;authorType&q;:&q;Forbes Staff&q;,&q;authorName&q;:&q;Kelly Phillips Erb&q;,&q;blogType&q;:&q;individual&q;},{&q;id&q;:&q;59a405e264aaf9435aebc5ed&q;,&q;type&q;:&q;blog&q;,&q;uri&q;:&q;http://www.forbes.com/sites/kellyphillipserb/2017/08/28/helping-out-after-hurricane-harvey-where-what-how-to-donate/&q;,&q;image&q;:&q;https://specials-images.forbesimg.com/imageserve/840023402/960x0.jpg?fit=scale&q;,&q;title&q;:&q;Helping Out After Hurricane Harvey: Where, What &a; How To Donate&q;,&q;contentType&q;:&q;blog&q;,&q;position&q;:1,&q;naturalId&q;:&q;blogAndPostId/blog/post/1479-32511&q;,&q;authorImage&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=40&a;d=mm&a;r=g&q;,&q;authorUrl&q;:&q;http://www.forbes.com/sites/kellyphillipserb/&q;,&q;authorType&q;:&q;Forbes Staff&q;,&q;authorName&q;:&q;Kelly Phillips Erb&q;,&q;blogType&q;:&q;individual&q;},{&q;id&q;:&q;5851b78664aaf96e0fc726bb&q;,&q;type&q;:&q;blog&q;,&q;uri&q;:&q;http://www.forbes.com/sites/kellyphillipserb/2016/12/14/12-tips-for-making-your-charitable-donation-tax-deductible/&q;,&q;image&q;:&q;http://specials-images.forbesimg.com/imageserve/602267942/960x0.jpg?fit=scale&q;,&q;title&q;:&q;12 Tips For Making Your Charitable Donation Tax-Deductible&q;,&q;contentType&q;:&q;blog&q;,&q;position&q;:2,&q;naturalId&q;:&q;blogAndPostId/blog/post/1479-30333&q;,&q;authorImage&q;:&q;https://secure.gravatar.com/avatar/e8bc935b76c1deaa34ea856ea8a1f96f?s=40&a;d=mm&a;r=g&q;,&q;authorUrl&q;:&q;http://www.forbes.com/sites/kellyphillipserb/&q;,&q;authorType&q;:&q;Forbes Staff&q;,&q;authorName&q;:&q;Kelly Phillips Erb&q;,&q;blogType&q;:&q;individual&q;},{&q;type&q;:&q;slide&q;,&q;uri&q;:&q;https://www.forbes.com/pictures/mlj45jggj/1-detroit/&q;,&q;image&q;:&q;http://specials-images.forbesimg.com/imageserve/026M72T8ElbzS/&q;,&q;title&q;:&q;The 10 Most Dangerous U.S. Cities&q;,&q;naturalId&q;:&q;blogAndSlideId/blog/slide/986-6336&q;,&q;count&q;:33420,&q;reason&q;:&q;MP-G&q;},{&q;type&q;:&q;blog&q;,&q;uri&q;:&q;https://www.forbes.com/sites/scottmendelson/2018/02/17/box-office-black-panther-superhero-fatigues-to-record-crushing-76m-friday/&q;,&q;image&q;:&q;https://blogs-images.forbes.com/scottmendelson/files/2018/02/MV5BNDg3MTY3ODMzMV5BMl5BanBnXkFtZTgwODgwMDk1NDM@._V1_SX1777_CR001777937_AL_-1-1200x633.jpg&q;,&q;title&q;:&q;Box Office: &s;Black Panther&s; Superhero Fatigues To Record $76M Friday&q;,&q;naturalId&q;:&q;blogAndPostId/blog/post/2595-47832&q;,&q;count&q;:361548,&q;reason&q;:&q;PV-D&q;}],&q;generatedId&q;:&q;ehkm45gfifm&q;,&q;manualDescription&q;:&q;Taxpayers who suffer economic loss due to a natural disaster like Hurricane Harvey may be able to claim a casualty loss deduction on a federal income tax return. Here&s;s what you need to know.&q;,&q;primaryChannelId&q;:&q;channel_2&q;,&q;primarySectionId&q;:&q;section_15&q;,&q;vestPocketPosition&q;:6,&q;siteSlug&q;:&q;kellyphillipserb&q;,&q;preview&q;:false,&q;showComments&q;:true,&q;timestamp&q;:1504015651162,&q;statsEntities&q;:[{&q;id&q;:null,&q;name&q;:&q;Disaster_Accident&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Weather&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Tax&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Money&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Taxation in the United States&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Economy&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Types of insurance&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Itemized deduction&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Insurance&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;National Flood Insurance Program&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Casualty loss&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Federal Emergency Management Agency&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Income tax in the United States&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Flood insurance&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Digital Media Agencies&q;,&q;type&q;:null,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Federal Emergency Management Agency&q;,&q;type&q;:&q;Organization&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Texas&q;,&q;type&q;:&q;ProvinceOrState&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Getty Images&q;,&q;type&q;:&q;Company&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Victoria&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;San Patricio&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;kleberg&q;,&q;type&q;:&q;Company&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Wharton&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Internal Revenue Service&q;,&q;type&q;:&q;Organization&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Texas coast&q;,&q;type&q;:&q;NaturalFeature&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Houston&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;matagorda&q;,&q;type&q;:&q;Company&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Matagorda&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Nueces&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;flood insurance&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Louisiana&q;,&q;type&q;:&q;ProvinceOrState&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Fort Bend&q;,&q;type&q;:&q;Facility&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Joe Raedle&q;,&q;type&q;:&q;Person&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;insurance money&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Refugio&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;pdf&q;,&q;type&q;:&q;Technology&q;,&q;relevance&q;:0.2}],&q;showNoVestPocket&q;:false,&q;googleKeywords&q;:[&q;hurricane harvey&q;,&q; casualty loss&q;,&q; disaster relief&q;,&q; tax deduction&q;,&q; tax loss after harvey&q;,&q; irs&q;],&q;writtenByForbesStaff&q;:true,&q;templateType&q;:&q;standard&q;,&q;enableSigfile&q;:true,&q;primaryChannel&q;:{&q;id&q;:&q;channel_2&q;,&q;channelId&q;:&q;channel_2&q;,&q;channelName&q;:&q;Investing&q;,&q;sectionId&q;:&q;section_15&q;,&q;sectionName&q;:&q;Taxes&q;,&q;url&q;:&q;/taxes&q;,&q;shortName&q;:&q;Taxes&q;},&q;pages&q;:[&q;&l;div id=\&q;attachment_840245648\&q; class=\&q;wp-caption alignnone\&q;&g; \n &l;div class=\&q;article-body-image\&q;&g; \n  &l;img class=\&q;dam-image getty size-large wp-image-840245648\&q; src=\&q;https://specials-images.forbesimg.com/imageserve/840245648/960x0.jpg?fit=scale\&q; data-height=\&q;640\&q; data-width=\&q;960\&q; /&g; \n &l;/div&g; \n &l;div article-image-caption=\&q;\&q;&g; \n  &l;div class=\&q;caption-container\&q; ng-class=\&q;caption_state\&q;&g; \n   &l;fbs-accordion current=\&q;0\&q;&g; \n    &l;p class=\&q;wp-caption-text\&q;&g;People wait to be rescued from their flooded homes after the area was inundated with flooding from Hurricane Harvey on August 28, 2017 in Houston, Texas. (Photo by Joe Raedle/Getty Images)&l;/p&g; \n   &l;/fbs-accordion&g; \n  &l;/div&g; \n &l;/div&g; \n&l;/div&g;\n&l;p&g;Over the weekend, Hurricane Harvey (now Tropical Storm Harvey) made landfall on the Texas coast. The impact was immediate and devastating. The storm dumped more than 24 inches of rain&a;nbsp;on Houston alone over a 24-hour period. Rainfall totals&a;nbsp;could reach more than 50 inches in Texas as&a;nbsp;the storm moves into Louisiana.&l;/p&g;\n&l;p&g;While the danger has not yet passed - and the full economic impact to the area is still unknown - there are steps that residents who are affected can take to recover some of the losses.&a;nbsp;&l;strong&g;If you&a;nbsp;are seeking information on immediate&a;nbsp;disaster relief or how to file a claim through the National Flood Insurance Program (NFIP), visit &l;a href=\&q;https://www.disasterassistance.gov\&q; target=\&q;_blank\&q;&g;disasterassistance.gov&l;/a&g;.&l;/strong&g;&l;/p&g;\n&l;p&g;Taxpayers who suffer economic loss due to a natural disaster like a hurricane can claim a casualty loss deduction on their federal income tax return. A casualty loss is defined as the damage, destruction or loss of your property from any sudden, unexpected, or unusual event. That includes a hurricane, flood, tornado, fire, earthquake or even volcanic eruption. A casualty loss does not include normal wear and tear or damage that happens over time, like &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2016/04/03/taxes-from-a-to-z-2016-t-is-for-termite-damage/\&q; target=\&q;_self\&q;&g;termite damage&l;/a&g;.&l;/p&g;\n&l;p&g; \n &l;fbs-ad position=\&q;inread\&q; progressive=\&q;\&q;&g;&l;/fbs-ad&g;&l;/p&g;\n&l;p&g;To claim a casualty loss on your federal income tax return, you must itemize your deductions using &l;a href=\&q;https://www.irs.gov/pub/irs-pdf/f1040sa.pdf\&q; target=\&q;_blank\&q;&g;Schedule A, &l;em&g;Itemized Deductions&l;/em&g;&l;/a&g; (downloads as a pdf). You&s;ll&a;nbsp;report the loss on line 20 of that form. You&s;ll find it just below the section where you&s;d report charitable gifts:&l;/p&g;\n&l;div id=\&q;attachment_32535\&q; class=\&q;wp-caption alignnone\&q;&g; \n &l;div class=\&q;article-body-image\&q;&g; \n  &l;img class=\&q;size-full wp-image-32535\&q; src=\&q;//blogs-images.forbes.com/kellyphillipserb/files/2017/08/2016_Form_1040__Schedule_A_.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;235\&q; data-width=\&q;640\&q; /&g; \n  &l;small class=\&q;article-photo-credit\&q;&g;IRS&l;/small&g; \n &l;/div&g; \n &l;div article-image-caption=\&q;\&q;&g; \n  &l;div class=\&q;caption-container\&q; ng-class=\&q;caption_state\&q;&g; \n   &l;fbs-accordion current=\&q;0\&q;&g; \n    &l;p class=\&q;wp-caption-text\&q;&g;Schedule A, line 20&l;/p&g; \n   &l;/fbs-accordion&g; \n  &l;/div&g; \n &l;/div&g; \n&l;/div&g;\n&l;div class=\&q;vestpocket\&q; vest-pocket=\&q;\&q;&g;&l;/div&g;\n&l;p&g;So what&s;s that number? You&s;ll need to calculate the loss using&a;nbsp;&l;a href=\&q;https://www.irs.gov/pub/irs-pdf/f4684.pdf\&q; target=\&q;_blank\&q;&g;federal form 4684, &l;em&g;Casualties and Thefts&l;/em&g;&l;/a&g; (downloads as a pdf). On Page 1, at Part A of that form, you&s;ll report any damage or loss of personal-use property like your home or car. On Page 2, at Part B of that form, you&s;ll report any damage or&a;nbsp;loss of business or income-producing property.&l;/p&g;\n&l;p&g;If your property is personal-use property or is not completely destroyed, the amount of your loss is the lesser of your adjusted &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2014/03/04/taxes-from-a-to-z-2014-b-is-for-basis/\&q; target=\&q;_self\&q;&g;basis&l;/a&g; or the decrease in fair market value of your property because of the damage. For this purpose, your basis is typically&a;nbsp;what you paid for the item plus&a;nbsp;any long term improvements (like an addition).&l;/p&g;&q;,&q;&l;p&g;If your property is business or income-producing property, such as rental property, and is completely destroyed, then the amount of your loss is your adjusted basis. For this purpose,&a;nbsp;your basis is typically&a;nbsp;what you paid for the item plus&a;nbsp;any long term improvements less any depreciation that you might have previously claimed for your business property.&l;/p&g;\n&l;p&g;To the extent that you could&a;nbsp;salvage&a;nbsp;your property or if you were reimbursed by insurance, you must report those adjustments.&a;nbsp;If you expect to be reimbursed by insurance but haven&s;t yet received any money, you have to report that, too. Don&s;t worry: you can always amend your return (or otherwise report the adjustment on next year&s;s return) if it turns out that you received more or less than expected.&l;/p&g;\n&l;p&g;Some property may not be covered by insurance. Unfortunately, according to figures from the NFIP, most homes affected by Harvey &l;a href=\&q;http://money.cnn.com/2017/08/25/news/economy/hurricane-harvey-flood-insurance/index.html?iid=EL\&q; target=\&q;_blank\&q;&g;are not covered&l;/a&g; by flood insurance. Just 15% of homes in Harris Country, home to Houston, are covered by flood insurance; the number tips to just 20% in neighboring Nueces County.&l;/p&g;\n&l;p&g;For damage not covered or reimbursed by any insurance, subtract $100 for&a;nbsp;each event (meaning storm or disaster). Next,&a;nbsp;subtract 10% of your adjusted gross income (AGI) from that amount&a;nbsp;to calculate your allowable loss.&l;/p&g;\n&l;p&g; \n &l;fbs-ad position=\&q;inread\&q; progressive=\&q;\&q;&g;&l;/fbs-ad&g;&l;/p&g;\n&l;p&g;Here&s;s a quick example:&l;/p&g;\n&l;blockquote&g; \n &l;p&g;Your AGI is $50,000. You suffered damage to your home during Hurricane Harvey and the value of your home decreased by $15,000. You received $2,000 in insurance money. Your initial loss is $15,000 less $2,000 (insurance), or $13,000. That amount is reduced to $12,900 ($13,000 less $100). Finally, subtract $5,000 (10% of your AGI). Your casualty loss, for tax purposes, is&a;nbsp;$7,900.&l;/p&g; \n&l;/blockquote&g;\n&l;p&g;If, after you figure your loss deduction, it&s;s more than your income, you may have a net operating loss.&a;nbsp;However, &l;em&g;you don&s;t have to own a business to claim a casualty loss. &l;/em&g;You can find out more about operating losses &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2016/10/02/as-talk-turns-to-trump-tax-returns-heres-what-you-need-to-know-about-net-operating-losses/\&q; target=\&q;_self\&q;&g;here&l;/a&g;.&l;/p&g;\n&l;div class=\&q;vestpocket\&q; vest-pocket=\&q;\&q;&g;&l;/div&g;\n&l;p&g;As with most deductions, you&s;ll want to keep excellent records. It&s;s a good&a;nbsp;idea to take pictures of the damage: hopefully, you have some before pictures to compare to the after. Keep receipts of repairs and replacement values. In some cases, you may need or want to obtain an appraisal.&l;/p&g;\n&l;p&g;Casualty losses are generally deductible in the year the loss&a;nbsp;occurred. However, if you have a casualty loss from a federally declared disaster, you can choose to treat it&a;nbsp;as having occurred in the&a;nbsp;previous year.&l;/p&g;\n&l;div id=\&q;attachment_32532\&q; class=\&q;wp-caption alignnone\&q;&g; \n &l;div class=\&q;article-body-image\&q;&g; \n  &l;img class=\&q;size-full wp-image-32532\&q; src=\&q;//blogs-images.forbes.com/kellyphillipserb/files/2017/08/Texas_Hurricane_Harvey__DR-4332____FEMA_gov.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;342\&q; data-width=\&q;640\&q; /&g; \n  &l;small class=\&q;article-photo-credit\&q;&g;FEMA&l;/small&g; \n &l;/div&g; \n &l;div article-image-caption=\&q;\&q;&g; \n  &l;div class=\&q;caption-container\&q; ng-class=\&q;caption_state\&q;&g; \n   &l;fbs-accordion current=\&q;0\&q;&g; \n    &l;p class=\&q;wp-caption-text\&q;&g;FEMA disaster areas after Harvey&l;/p&g; \n   &l;/fbs-accordion&g; \n  &l;/div&g; \n &l;/div&g; \n&l;/div&g;\n&l;p&g;For a list of federally declared disaster areas, check out the &l;a href=\&q;https://www.fema.gov/disasters/grid/state-tribal-government/24\&q; target=\&q;_blank\&q;&g;Federal Emergency Management Agency (FEMA) website&l;/a&g;. As of today, a disaster due to&a;nbsp;&l;a href=\&q;https://www.fema.gov/disaster/4332\&q; target=\&q;_blank\&q;&g;Hurricane Harvey&l;/a&g; had been declared in the&a;nbsp;following counties: Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria, and Wharton.&l;/p&g;\n&l;p&g;Additional tax relief&a;nbsp;may be available, including extensions of time to file and make payments.&a;nbsp;The IRS has announced extensions&a;nbsp;for taxpayers affected by Hurricane Harvey - find out more &l;a href=\&q;http://www.forbes.com/sites/kellyphillipserb/2017/08/28/irs-announces-tax-relief-for-taxpayers-affected-by-hurricane-harvey/\&q; target=\&q;_self\&q;&g;here&l;/a&g;.&l;/p&g;\n&l;p&g;As terrible as disasters are, they can also bring out the good in people. Remember that your gifts to qualifying charitable organizations are tax deductible (assuming you itemize) in the year that you make the gift. Be generous, be smart and get receipts. 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