March 26, 2021Share:
Due to recent changes in tax laws, damage and losses to your personal-use property from Hurricanes Sally and Zeta may be deductible on your individual tax return.
• In order to qualify, the damage and/or loss must have occurred in a federally declared disaster area
– For Hurricane Sally, this includes Mobile, Baldwin, and Escambia counties
– For Hurricane Zeta, this includes Mobile, Clarke, Dallas, Marengo, Perry, Washington, and Wilcox counties
• Unreimbursed amounts in excess of $500 may be deducted
• This deduction can be claimed even if taking the standard deduction
Damage and losses to business or investment property should be claimed on the income tax return of the property owner.
If you have additional questions, please reach out to your Wilkins Miller advisor.