Income tax Ike aftermath

October 15, 2008 6:59:37 PM PDT
More inevitable than a Gulf Coast Hurricane is income tax.ROAD TO RECOVERY: How you can help | Person locator | Important phone numbers | Assistance from FEMA | Filing a claim

And those of us who went through Hurricane Ike won't be getting the same tax breaks as people impacted by Katrina and Rita.

Ike's damage in Southeast Texas has been estimated at $27 billion. Katrina alone did $81 billion in damage, followed a few weeks later by Rita.

The IRS allowed all uninsured losses to be claimed as tax deductions by affected residents, but not so with Ike where uncovered losses have to be adjusted for gross income.

Depending on income and damages, some property owners may not qualify for a disaster deduction.

However, the late tax filing deadline has been extended because of the storm to January. Audits may be postponed as well.

Keep your family safe this hurricane season. Check our complete tropical weather preparation guide


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