Hurricane losses are tax-deductible

Oklahoman Published: February 15, 2006
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Taxpayers suffering disaster-related losses in certain areas of Florida, Alabama, Mississippi, Louisiana and Texas because of the hurricanes can choose to claim those losses on their current or previous year return.

The original deadline for choosing this option is the due date of the taxpayer's current year return.

For example, individuals wishing to claim disaster-related losses on their 2004 federal income tax return instead of their 2005 return will have an extra six months, until Oct. 16, to make this choice.

The original deadline for individuals choosing this option was April 17. To speed processing, taxpayers should write the name of the hurricane in red at the top of their return.

Those who already have filed can make this choice by filing an amended return (Form 1040X for individuals).


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