Frederick Jorden wrote:
- quote -

But your insurer is not IRS. (grin

- quote -

Nope. Don't mean that atall, since for a bank, the costs of
security are an ordinary and nececssary business expense, as
opposed to the hurricane associated expenditures being to
prevent a casualty (or theft) loss.

ChEAr$,
Harlan Lunsford

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Harlan Lunsford wrote:
- quote -

Expenses to mitigate a reasonably anticipated loss,
mandatory evacuation, IMHO should be treated the same as the
loss itself. Your insurer will generally treat it as such.

Do you mean a - bank cannot deduct the cost of armed guards
in an anticipated disaster area?

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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Frederick Jorden wrote:
- quote -

I'm stretching my imagination in trying to reach a
conclusion similar to yours, but just can't quite get
there.

Seems to me a casualty loss must be just that, and not
(also) costs to prevent such a loss. For instance, some
people lock their house doors when they leave and also have
these security cameras installed that automatically dial
Brinks, Pinkerton, whoever, in case a burglar breaks in.

This expense of course is to prevent loss, but not
(ordinarly) deductible, being a personal expense. Wouldn't
hiring a U-Haul (tm) to evacuate a bunch of stuff up the
I-95 out of Florida be the same?

ChEAr$,
Harlan Lunsford, EA n LA

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tvbob wrote:

- quote -

Ahhh, a good question.

If you suffered property damage, then there are provisions
for tax relief.

However...... just motoring up the I-95 or 75 to Georgia and
having to rent motel rooms plus meals... I don't think
there's any tax relief for that. Personal expense
entirely.

ChEAr$,
Harlan Lunsford, EA n LA

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Paul A Thomas wrote:
- quote -

If someone took substantial property with them when they
evacuated part of the transportation could be part of the
loss. But If one has insurance then you have to net the loss
after the insurance reimbursement and then subtract $100 and
then subtract 10% of your agi, if this is not a business
loss.

Now most folks with hurricane damage may not qualify for a
deduction.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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Yes. It's Form 4684, Casualties and Thefts.

Don't get your hopes up, though. It probably won't be a
windfall. You have to start with your basis in the
property, subtract what your insurance paid, determine your
loss, subtract $100, and subtract 10% of your adjusted gross
income.

FEMA payments don't count.

If it's worth it, you can amend your 2003 tax return now and
get the money quicker. You don't have to wait until time to
file your 2004 return. You have to be in a federally
declared disaster area to do this, but since you had to
evacuate twice, I assume you do.

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irs.gov refers to two hurricane related items for residents
of the listed counties designated as disaster areas.

1. The deduction of eligible damage (not covered by
insurance) as a standard casualty loss.

2. A grace period until December 30 for filing returns,
making estimated payments (hurray!), etc.

I recall no mention of deductibility for hurricane related
personal expenses.

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tvbob wrote:

- quote -

Casualty losses in a disaster area can be deducted on your
2004 return or on an amended 2003 return. However, the
actual losses must be reduced by $100 per occurence (I think
each hurricane is a separate ocurrence, although I'm not
sure about those in Alabama and the Flordia panhandle hit by
both Ivan and son-of-Ivan), and 10% of Adjusted Gross Income
on the respective return, before mapping to an itemized
deduction. See form 4684.

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"tvbob" <tvbob[at]aol.com> wrote:

- quote -

Even better than getting a tax break on your 2004 return,
you may be able to amend your 2003 return and take a tax
advantage of the hurricane costs.

Wayne Brasch, CPA, M. S. Taxation

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- quote -

Sorry no.

Helen, EA in PA
I DID IT!
50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure
October 1 to October 3, 2004

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"tvbob" <tvbob[at]aol.com> wrote

- quote -

Yes, for damages to your property. Also, some due dates
were extended.

- quote -

Not for the costs of evacuation.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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Is there any provision for deduction of hurricane related
expenses in the 2004 Federal return?

We live in Florida and had two mandatory evacuations.

Please reply here - email will bounce.

Many thanks.

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