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Disaster Relief Under the Internal Revenue Code: This tip is about the income tax implications of a catastrophic disaster, starting with the IRS’s help with reconstruction of any lost tax records and suspension of pending deadlines (if the disaster is federally declared by the president). If a taxpayer has a casualty loss, a taxpayer can deduct the loss to the point that it exceeds $100 plus 10% of their income. Moreover, if a taxpayer has a casualty gain, they won’t have to include the gain in income if they reinvest all proceeds in replacement property.


Professor Francine Lipman brings the City of Las Vegas invaluable tax tips & traps for the unwary in this weekly morning radio spot “Tax Talk Tuesdays” on KUNV Radio 91.5 F.M. Topics change weekly and include IRS phone scams, information on offers in compromise, higher education benefits, veterans’ disability severance payments, and many more issues affecting many taxpayers.