At Pelican Tax, we specialize in helping homeowners and business owners navigate the complex tax laws surrounding casualty loss deductions. Our team can ensure that you receive all the relief you’re entitled to and that your return is filed correctly and on time.

Eligibility for Casualty Loss Deductions

To qualify for a casualty loss deduction, you must meet the following criteria:

1. 1. Federally Declared Disaster Area: Your home must be located in a federally declared disaster area. If your home was impacted by Hurricane Helena or Milton, the IRS recognizes these events as federally declared disasters, which means you may be eligible to claim a deduction.
   2. Qualified Property: The damage must occur to property you own, such as your home, personal belongings, or rental properties.
   3. Losses Not Covered by Insurance: If you received an insurance payout for the damage, you can only claim the portion of the loss that was not reimbursed by your insurance. If your insurance covered the entire loss, you would not be eligible for a casualty loss deduction.

How We Can Help You

We’ll walk you through every step of the process, from assessing the damage to calculating your loss and filing the proper forms. With our expertise, you can have peace of mind knowing that your tax return is in capable hands.

Book a free tax consultation now or call us at (813) 773-5388.