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Do you live or have a business in an area that has been hit with flooding this summer? If so, you may be eligible to claim a casualty loss on your 2007 tax return.


You may claim a casualty loss if you experience damage, destruction or loss of property from a sudden, unexpected or unusual event (such as a car accident, fire, flood, storm or tornado) which results in a loss or decrease in the fair market value of your property.


A casualty loss is calculated from the adjusted basis in the property prior to the casualty or the decrease in the fair market value of the property that results from the casualty, less any insurance or other reimbursements that are received to offset the casualty loss. In addition, there are deduction limits for both personal-use property and income-producing property casualty losses that are applied to each casualty prior to determining the deduction amount.


If you have experienced a casualty or loss, please contact your Rea associate.


- By Beth Runser, CPA (Lima office)


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