Hurricane Harvey

Technical topics regarding tax preparation.
#1
Joan TB  
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1897
Joined:
21-Apr-2014 9:08am
Location:
Texas
Two things I just found out about this week - don't know if others know this already or not.

1) The Texas Comptroller's office changed their original postponed due date from Jan 5, 2018 to Jan 31, 2018. I found this out on Thursday when I called their office about another matter. (Sorry I didn't get a chance to post it earlier.) It would have been nice for them to get the word out, rather than just a change on their website! Apparently the change was made a couple of weeks ago. At this point, if you think you are late, you may not be late.

2) Changes to claiming disaster losses on Form 4684 that might be beneficial. The Disaster Tax Relief and Airport and Airway Extension Act of 2017 includes favorable rules for many personal casualty losses from Hurricanes Harvey, Irma, and Maria. Under the Act, you can deduct these losses whether you itemize other deductions on Schedule A or not. Moreover, your net casualty loss from these hurricanes does not need to exceed 10% of your adjusted gross income to qualify for the deduction. However, the $100 threshold limit per casualty is increased to $500.
 

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