Preparing Your Tax Return(s) and Information Returns
hotel rooms BrusselsReporting Disaster Losses

A Presidentially declared disaster is a disaster that occurred in anarea declared by the President to be eligible for federal assistance under the DisasterRelief and Emergency Assistance Act. If you have a casualty loss from a disaster thatoccurred in a Presidentially declared disaster area, you can choose to deduct that loss onyour return or amended return for the tax year immediately preceding the tax year in whichthe disaster happened.

Loss of Inventory: You can claim a casualty or theft loss ofinventory, including items you hold for sale to customers, through the increase in cost ofgoods sold by properly reporting your opening and closing inventories. Do not claim thisloss again as a casualty or theft loss. If you take the loss through the increase in thecost of goods sold, include any insurance or other reimbursement you receive for the lossin gross income.

Important References:

Publication 547albergo aeroportuale LagosCasualties, disasters, and Thefts (Business and Non- Business) Casualties and Thefts

Web Link:

www.fema.gov