Health & Fitness
Tax Relief for Casualty Losses Due to Hurricane Sandy
Individuals who reside or have a business in a federally declared disaster area may qualify for tax relief.
The President has declared the following counties disaster areas: Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union and Warren counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.
Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.
Individuals may deduct personal property losses that are not covered by insurance or other reimbursements.
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Liberty Tax Service in Belford NJ (878 Main Street) is offering free advice and amendments to 2011 tax returns due to Casualty Losses for those affected by Hurricane Sandy. For more information or an appointment call 732-495-0891.