August 11, 2008 12:00 am

Tax Breaks for Disasters

The hurricane season is upon us and many taxpayers around the country have already experienced devastating property losses from tornadoes, floods, wildfires, and other natural disasters this year. The toll from these events is substantial, both personally and financially. However, there is a little bright spot for victims of these disasters: some of the economic loss can be recouped through tax write-offs.

Figuring deductible casualty losses

If your property is damaged or destroyed in a casualty event, such as a fire, storm or flood, hopefully your insurance will cover all

Tax Glossary

Depreciable property

A business or income-producing asset with a useful life exceeding one year.

More terms