If your personal property is damaged early in the year, you may be able to obtain fast tax relief. Tax law permits you to deduct 2008 losses in a federally declared disaster area on the 2007 return. If you’ve already filed, amend your ’07 return.
Reminder: You can deduct personal casualty losses only to the extent they exceed 10% of your AGI (after subtracting $100 per casualty).
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