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When major disasters strike, visit the Census Bureau's Emergency Management page (under TOPIC) to access demographic and economic data for the impacted areas. To exclude a gain, you must generally have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date it was destroyed. The cost of repairing damaged property isnt part of a casualty loss. You may also have to report the gain on Schedule D (Form 1040) depending on whether you have other transactions. Your AGI for the year the hurricane occurred is $65,000. (You cant deduct a loss on personal-use property unless the loss resulted from a casualty, as discussed earlier.) The revised identification guidance and remediation guidelines are available at CPSC.gov/en/Safety-Education/Safety-Education-Centers/Drywall-Information-Center. If the casualty or theft loss is on property you own as tenants by the entirety, each of you can figure your deduction on only one-half of the loss on separate returns. Books issued by various automobile organizations that list the manufacturer and the model of your car may be useful in figuring the value of your car. You will find details on the most recent tax changes and interactive links to help you find answers to your questions. An extension may be granted if you can show that there is reasonable cause for not making the replacement within the replacement period. However, you can choose to postpone reporting the gain if you purchase property that is similar or related in service or use to the stolen or destroyed property within a specified replacement period, discussed later. The FMV of the coins was $1,000 just before they were stolen, and insurance didnt cover them. In a Community Risk Reduction Radio podcast, the Census Emergency Preparedness and Response Team shows how Census data help when any disaster strikes. The U.S. Census Bureau produces timely local data that are critical to Emergency Management: mitigation, preparedness, response, and recovery efforts. Declared Disaster Tax Relief - Support If you have already filed your return for the preceding year, you can elect to claim a disaster loss against that years income by filing an amended return.