A number of our residents have expressed concern that they will be unable to deduct on their federal tax return substantial casualty losses incurred as a result of Hurricane Ian. This is due to the IRS’s failure to explicitly label Ian-related losses as a “qualified disaster loss.” This could mean, for example, that taxpayers will be prohibited from deducting such losses unless they exceed 10% of their adjusted gross income (AGI).
Legislation has been introduced in both the U.S. Senate (S.764) and the House of Representatives (H.R. 1494) which would remedy that failure. The GSAC Board voted to write to Senator Scott and Congressman Donalds, who sponsored what is called the “Hurricane Tax Relief Act” in their respective chambers, stating its support of their initiatives and stressing how important the proposed legislation is to many of their southwest Florida constituents.
See the link to the two letters, signed by David Feight, GSAC’s President.