What is disaster loss?
The Bankrate.com financial term of the day is: "Disaster Loss."
When the president has declared your community a federal disaster area after a hurricane, earthquake or other calamity, your property that's been destroyed or damaged qualifies for special tax breaks. Your disaster loss is deductible, and you can even enjoy the tax benefit immediately by filing an amended return for the previous year.
If the president issues a disaster declaration for your town, your disaster loss will earn you a break from the Internal Revenue Service that you can take while you're still picking up the pieces.
For more on deductions, visit the Taxes section at Bankrate.com.
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