I am hopeful that the information in this blog will be helpful to anyone who sustained damage from Hurricanes Harvey, Irma and/or Maria. We want you to know that Resonate stands ready to serve as a resource for you.While we are not tax advisers, the information below is a matter of public record. We are simply committed to offering timely information for you.
Hurricane victims are entitled to take casualty losses even if they do not itemize.
Uninsured personal losses in excess of $500 may be deducted without regard to the “10%-of-AGI ” offset.
If anyone lost tax records, they can use the free “Get Transcript” online tool, which prints a summary of key tax information. Of course, any Resonate clients using the offered online services of the RESLink Vault and/or Everplans would already have these records stored electronically for easy access.
If actual returns are desired, send a written request to the IRS by using Form 4506.
To expedite a reply, in red ink at the top of the form write the name of the hurricane that impacted you.
For our philanthropically motivated clients, the 50% of AGI limitation is suspended for cash donations to qualified charities serving hurricane victims.
Please contact a tax professional for additional information prior to pursuing any idea contemplated herein.
We hope this information is of value. Please contact us with any questions. We are here to serve.
Barbara A. Culver
CFP®, ChFC®, CLU, AEP®