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Uninsured real estate losses qualify for tax relief

Realty Tax Tips-Part 3: Fast-occurring event must be involved
Published on Jan 27, 2006

(This is Part 3 of an eight-part series. See Part 1, Part 2, Part 4, Part 5, Part 6, Part 7 and Part 8.) Editor's note: According to a recent update to IRS Fact Sheet 2006-12, homeowners affected by hurricanes Katrina, Rita and Wilma need not be concerned about the casualty loss of 10 percent of adjusted gross income or the $100 per event floor limitations. The special rules apply only to the recent hurricane victims, not to the vast majority of individuals who encountered other casualty losses. Regrettably, 2005 was a record year for both insured and uninsured real and personal property losses. Hurricanes, floods, firestorms and other "sudden, unusual or unexpected" events caused millions of dollars of uninsured losses. Purchase Bob Bruss reports online. For example, the thousands of homeowners who lost their homes in Hurricane Katrina and Rita due to flooding, but who didn't have flood insurance, will be able to deduct most of their losses on their income tax returns. For parti...

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