[StBernard] IRS disaster loss kit

[Westley Annis]

Pck,

I'm not a CPA, so I may be off on this.

I don't think it is so much that senior citizens can't file for the IRS
Disaster Loss so much as it just doesn't benefit them in a sense.

The disaster loss is what can be considered a top line deduction.  This
means it reduces income.  If you don't have any income, you can't reduce it.

I believe you can carry losses forward until they are used, so it may pay to
file the losses so that if there is ever income in a future year, the losses
can be used at that time.

It is best to ask a CPA for further details.

Westley

-----Original Message-----


I have been told that senior citizens on social security may only file the
LA Sales Tax Refund on Katrina Losses but not the IRS Disaster Loss Kit for
Individuals since they are not paying federal taxes.  Is this accurate
information since they are able to own homes and have losses similar to
everyone else?
 
pck