Thursday,
March 7, 2013
There is a looming deadline for making
an election. April 15, 2013 is the deadline.
There were 39 Federal Disaster Area
Declarations in 2012 that affected a number of states from east to west. You
can view the list and get details of each declaration at
"http://www.fema.gov/news/disaster_totals_annual.fema."
If you have a deductible loss related to one of the declarations, you should consider claiming the loss on your 2011 tax year. You have a choice between 2011 and 2012, but the ability to make that choice expires on April 15, 2013. By now your 2011 return should have been filed, so you would claim the loss for 2012 on an amended return for the 2011 year.
After April 15, 2013, you will only be able to claim the loss on your 2012 return.
There are no limitations on who can make the election to deduct the disaster loss on either the 2011 or 2012 return, except that it must be one of the 39 disasters listed on the FEMA website.
If you need assistance in making the claimed deduction, IRS pub 547 can be useful.
If your tax professional does not understand how to go abut claiming the loss on the 2011 year tax return, send me an email (Info@TrapaniCPA.com).
If you have a deductible loss related to one of the declarations, you should consider claiming the loss on your 2011 tax year. You have a choice between 2011 and 2012, but the ability to make that choice expires on April 15, 2013. By now your 2011 return should have been filed, so you would claim the loss for 2012 on an amended return for the 2011 year.
After April 15, 2013, you will only be able to claim the loss on your 2012 return.
There are no limitations on who can make the election to deduct the disaster loss on either the 2011 or 2012 return, except that it must be one of the 39 disasters listed on the FEMA website.
If you need assistance in making the claimed deduction, IRS pub 547 can be useful.
If your tax professional does not understand how to go abut claiming the loss on the 2011 year tax return, send me an email (Info@TrapaniCPA.com).
This blog, “AccountantForDisasterRecovery.com” has been addressing
taxpayer income tax issues related to catastrophic losses for five years
All rights to reproduce or quote
any part of the chapter in any other publication are reserved by the author.
Republication rights limited by the publisher of the book in which this chapter
appears also apply.
JOHN
TRAPANI
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Certified
Public Accountant
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2975
E. Hillcrest Drive #403
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Thousand
Oaks, CA 91362
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(805)
497-4411
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Contact us through our website at:
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Our email address is
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Blog:
www.AccountantForDisasteRrecovery.com
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It All Adds Up For You
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This material was contributed by John
Trapani. A Certified Public Accountant who has assisted taxpayers since 1976,
in analyzing and reporting transactions of the type covered in this material.
Internal Revenue Service Circular 230 Disclosure
This
is a general discussion of tax law. The application of the law to specific
facts may involve aspects that are not identical to the situations presented in
this material. Relying on this material does not qualify as tax advice for
purpose of mounting a defense of a tax position with the taxing authorities
The
analysis of the tax consequences of any event is based on tax laws in effect at
the time of the event.
This
material was completed on the date of the posting
© 2013, John Trapani, CPA,
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