It has been almost a year since the deadly tornados of April 2011 swept across the Southeast.  And, unfortunately, we have had additional storms since then.  If you were personally affected by these storms and suffered damages, you are now faced with trying to determine if you have any tax losses (or even gains) to report on your 2011 personal income tax return.

This tax newsletter will recap a few of the issues that affect individuals and damages to their personal property and residence.

Here is the Table of Contents for the April 2, 2012 newsletter titled ALABAMA TORNADO ASSISTANCE AND RELIEF:

CONTENTS:

Relief for Presidentially Declared Disaster Areas

Personal Losses Must Exceed 10 Percent of Adjusted Gross Income

Disaster Casualty Losses

General Market Decline of Personal Residence

Landscaping and Shade Tree Casualty Losses

Casualty Gains

Gain Exclusion – Personal Residences and Property

 

For the complete newsletter, click here to download.

 

This newsletter does not cover business and investment property losses.  For more information on business, investment and timber losses try these links to previous articles on our JMF website:

http://bit.ly/AlabamaTornadoRelief-2

http://bit.ly/ForestOwnersBrochure