The Tax Impact for a Natural Disaster

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The Tax Impact for a Natural Disaster

By The BIDaWIZ Team on August 31st, 2011 at 4:30 pm

The eastern seaboard was dealt a heavy blow this past week when Hurricane Irene caused unprecedented flooding, fallen trees, and significant power outages. While some of us were left unscathed, many others experienced significant damage to their property. On top of that, they now have to start the process of filing insurance claims and figuring out the complex tax rules for reporting property losses on their tax return. Even if you weren't impacted, it's important to understand the tax rules as the number of declared natural disaster areas are on the rise. .

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