Tax Strategies & Credits

How to claim a casualty loss on your taxes from Hurricane Harvey

8/30/2017

When President Trump officially named the area impacted by Hurricane Harvey a federally-declared disaster, it set several wheels in motion. In addition to facilitating a strong recovery response on the part of the government and all of its resources, it also had a specific impact on those who are victims of this once-in-a-lifetime flood. According to federal law, anybody who has suffered casualty loss within an area named a federal disaster is able to take a tax deduction reflecting that loss. The claim can be submitted for either the tax year in which the loss occurred or for the year prior. Let’s look at the advantages each choice offers.

Taking the Deduction for Tax Year 2016

The first thing you need to know is that as a disaster victim, you have time to make the decision that is right for you. The government allows you to decide whether you want to claim the loss on an amended 2016 return or on your 2017 return up until six months after the date that the 2017 tax return is officially due. That gives you plenty of time to determine which option provides you with the best outcome. You may want to get your tax refund money into your hands as quickly as possible so that you can begin the recovery process and start making repairs and purchases: in that case, filing the amended return or 2016 original return is your best bet, as the refund will arrive quickly. But that may not be the answer that provides you with the biggest tax benefit. A careful evaluation is required, and you should take your time to make sure that you are looking at all of the essential factors.

One thing that you want to do is to make sure to document the fact that you are within the specific federal disaster area. Whether you keep copies of local newspapers, take photos, or maintain records in any other way, make sure that you know where they are so that you can use them on your own behalf. What seems obvious now may not be as obvious later.

In order to figure out which route is best for you, you will need to look at what the outcome would be for both options. Each year may have variables that make a real difference, including the amount of income you earned, what your filing status was, what deductions you may have, and what the tax rates were for each year. You may also find that the casualty loss that you’ve suffered is so great – even with the money you receive from insurance – that it eliminates the impact of the income that you’ve earned. This negative income is what is called a net operating loss, or NOL, which gives you additional tax filing options. You will be able to carry it backward for two years, and then into the future as a credit until the surplus that you’ve paid is exhausted. You also have the option of foregoing the two years of previous credit and only use the loss as a credit going forward, though the option is limited to no more than twenty years.

Another factor that needs to be taken into consideration when choosing the best year to claim the Hurricane Harvey casualty loss is the amount of your adjusted gross income each year. The larger the amount of your AGI, the less of your loss you are able to deduct because they are limited to $100 plus 10 percent of your AGI. You want to choose the year with the lower AGI

There are some instances where the loss that you’ve suffered may actually end up resulting in a monetary gain from a tax perspective. This could happen if the money that you receive through insurance is greater than the tax basis of the property that you’ve lost. Owing money on this type of gain can be managed in a few different ways, including postponement or exclusions.

Disaster Relief Includes Delayed Due Dates for Taxes

Though filing your taxes may not be the most immediate thing on your mind right now, the tax deadline will arrive quickly, and victims of the disaster may not be prepared. In response, the Internal Revenue Service has extended the due date for individual and business tax returns that occurred starting on August 23, 2017, for Hurricane Harvey victims in parts of Texas by several months. Their new due date is January 31, 2018.

The specific payments and returns that are covered by this extension include:

Quarterly estimated tax payments which would have been due on September 15, 2017 and January 16, 2018.
For those who filed for an extension on their 2016 income taxes and who were facing an October 16, 2017 due date, the new due date has been extended to January 31, 2018, though the IRS noted that because those tax payments were originally due in April of 2017 (and prior to the hurricane), the extension will not eliminate penalties for late payments.
Quarterly payroll and excise taxes that would have been due on October 31st have been moved to January 31, 2018 for certain businesses, and for those that had been due between August 23rd and before September 7th, the agency will be waiving late-deposit penalties as long as they are made by September 7th. The IRS website has more details regarding disaster relief. if the deposits are made by Sept. 7, 2017. More disaster relief details can be found on the IRS web site.

If your IRS address of record is in the disaster area, there is no need for you to be concerned about contacting the agency regarding filing and penalty relief: it is being automatically provided. If there has been an oversight or mistake and you receive a notification that your filing is late or that you owe a late penalty payment that falls within the impacted time period, the issue can be addressed by contacting the IRS.

There are some instances in which a taxpayer’s address of record is not within the federal disaster area but whose records are located elsewhere, within the disaster area. If this is the case and it means that you are not able to access your records and file your taxes, the IRS will help to address the situation. There are many other circumstances that might mean that a person who does not live within the disaster relief area may qualify for relief, including those workers who are helping the recovery through their involvement with a government or philanthropic program. If you fall into this category, you can contact the Internal Revenue Service at 1-866-562-5227 to discuss your situation.

There are a number of other essential contacts that you need to be aware of in order to ensure that you maximize your own tax relief efforts and are able to take advantage of assistance being offered by the government. These include:

Disasterassistance.gov –provides information on disaster recovery based on local damage assessments by FEMA.
https://www.usa.gov/hurricane-harvey - provides information on the government response to Hurricane Harvey.

Calculating the tax impact and choices available to you as a result of Hurricane Harvey is an overwhelming task. If you need assistance in evaluating your options, filing extensions, or anything else related to a Hurricane Harvey loss, contact a local tax professional immediately.

Lee Reams Sr., EA writes for TaxBuzz, a tax news and advice website. Reach him at [email protected] or on LinkedIn.

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Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz AI:
Limitation of Liability:

TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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