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Pepperdine University School of Law

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Saturday, November 3, 2012

Hurricane Sandy and Taxes

Wall Street Journal:  Few Tax Breaks for Sandy Victims, by Laura Saunders:

Victims of Sandy hoping for help from the tax code might be disappointed—and should beware of potential traps, experts say.

The IRS already has taken steps in the wake of the storm. Among other moves, it will extend the deadline for fourth-quarter individual income-tax payments to Feb. 1 from Jan. 15 for residents of disaster areas. 

Experts caution, however, that casualty-loss tax deductions for storm-related property damage will be hard to get because of stiff limits set by Congress.

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