Deadline For Windstorm Tax Deduction is Monday

Did you have property damaged during the Dec. 1 windstorm? You may be eligible for a tax deduction.

San Gabriel Valley residents and business owners who had property damaged in the Dec. 1 windstorm won't get federal aid, but they are eligible for a tax deduction.

Last month, state legislators passed a bill that created a tax refund for people who suffered financial losses in the storm.

But if you want the deduction, you must file an amended return no later than Monday, Oct. 15.

See the attached form and instructions on how to get your windstorm damage tax deduction.

MStock October 11, 2012 at 08:42 PM
Thanks for posting the article. I just asked my accountant about it. She said a casualty loss is deductible if over 10% of our AGI. My loss was not that great. The article suggests there is a special bill that was passed specifically for the storm damage. Does anybody have more info on specifics and how to denote this on the 540X form? THANKS!


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