Here's how to claim a hurricane loss on your tax return: Via ForbesAdvisor
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.predicts up to 17 named storms and expects eight to become hurricanes this season. And with an active hurricane season, you can expect many may incur damage to their homes and personal property.
For example, a loss from a hurricane, earthquake or tornado would qualify as a casualty loss. However, a loss over time due to the normal wear and tear, such as damage from termites, would not qualify as a casualty loss. For property that is partially destroyed or personal-use property, the amount of your hurricane loss is the smaller of these two amounts:: You must determine your adjusted basis in your property before the hurricane. Typically, your adjusted basis is the amount you paid for the property. It increases over time for additions or improvements made and decreases by depreciation. If you acquired the property as a gift or an inheritance, your basis may differ.
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