Can I deduct hurricane losses that are not covered by insurance?

Can I deduct hurricane losses that are not covered by any type of insurance on my federal income tax return?

After living through three hurricanes and one tropical storm this year, a lot of people in Florida are asking the same question.

Not only can you deduct unreimbursed losses resulting from the storms, you even get a choice of writing them off on your 2008 income-tax return or taking a retroactive deduction on your 2007 return. You get this generous opportunity because your loss occurred in a presidentially declared disaster area. Amending the previous year's return would guarantee you a refund check from the IRS.

Losses due to hurricanes are considered casualty losses, and to figure your deduction you must first reduce each loss by $100 and then subtract 10% of your adjusted gross income. (Those residents who suffered from two storms must reduce their loss by $200.) You can deduct the remainder.