[StBernard] IRS disaster loss kit

[Westley Annis]

Anyone who has income at any age who files an income tax return is eligible
to take advantage of the losses.  I have seen some "retired" (fixed income)
individuals that have a lesser tax advantage because either their taxable
income is non existant or very low, however, it is still worth a look see. 
For example I have seen some recently retired individuals who can carry back
their losses to a time when they did have larger taxable income.  In this
case they will prepare a 2005 income tax return and report the full amount
of their losses against very low income for 2005 and have virtually the
entirety of their losses available to carry back to calendar year 2000.  If
there are any losses unused still they can carry the remaining amount
forward to calendar year 2001, so forth and so on.  If they decide to use
the 2005 Hurricane Loss on calendar year 2004 instead by way of an election
to use the Casualty on the Prior Year then the unused loss can be carried
back to calendar year 1999 then forward from there.  I know it sounds
complex and it is.  If anyone has any questions, please call me and we'll
set up a time to look it over.  If it doesn't work, there will be no charge.

We only charge for actual work performed.  We can spare a half hour
consultation on this issue.  Good luck

Dan Johnson, CPA
504-276-8581


----- 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

>