Katrina related questions

Last year I picked up a client from Kenner, LA. She told me the other day that she has been told that storage of her personal effects is part of the computation of her casualty loss (word on the street, and someone at the IRS "confirmed" it). I have yet to see anything that supports that notion. Does anyone have anything that substantiates the claiming of storage costs as part of the deductible disaster loss? If so, where is the authority for that?

-- Paul Thomas, CPA snipped-for-privacy@bellsouth.net

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Reply to
Paul Thomas, CPA
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Incidental expenses to a casualty or disaster have never been included as part of the loss (e.g., car rental & temporary housing). If temporary housing is excluded, then temporary storage would also be excluded. I checked all the Go Zone legislation and could not find anything that changed this aspect of computing one's loss.

Reply to
A.G. Kalman

Thanks. I didn't think so. Urban legends thrive in a disaster area.

Reply to
Paul Thomas

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