Sales Tax Rate Finder
Federal Disaster Declaration for Nebraska Flooding
The IRS is providing tax relief for qualifying individuals and businesses in the State of Nebraska in response to the Missouri River flooding that started in May of 2011. See the News Release for Nebraska victims of flooding.
Filing 2010 Amended Return
Taxpayers in declared counties claiming casualty losses will want to consider whether it is more advantageous to claim the loss now by amending their 2010 tax return or to wait and claim it on their 2011 return next year. Consider income for each year before deciding.
How to Calculate a Casualty Loss
The amount of a casualty loss (business/income producing property or non-business) is the lesser of:
If a business or income producing property is totally destroyed and the FMV is less than its adjusted basis, then the casualty loss is the adjusted basis of the property. A loss is reduced by any salvage value.
To receive expedited service from the IRS, be sure to put the disaster designation, "FEMA-NE-4013” at the top of any tax return or correspondence sent to the agency.
- The difference between the Fair Market Value (FMV) of the property immediately before the casualty and its FMV immediately after, or
- The adjusted basis of the property immediately before the casualty.
Where to Get More Information
Visit the Disaster Assistance and Emergency Relief for Individuals and Business page for the links to disaster forms and publications. This web page has links to the following items as well as other helpful information:
Please direct disaster related questions to the IRS Disaster Hotline at-1-866-562-5227.
- Publication 2194, Disaster Loss Kit For Individuals
- Publication 2194-B, Disaster Loss Kit for Businesses
- Form 4684, Casualties and Thefts