Hello, this is Pat O'Connor, and this video is part of a series about the Harvey tax refund program. The subject of this video is what is a casualty loss. Now, first of all, no one has to die to qualify for a casualty loss, so there's no death required. Unfortunately, even the death of a pet does not qualify for a casualty loss. I think one of the most traumatic experiences many of us have in life is the death of a pet, but the IRS is just not going to give up on that one. So, what is a casualty loss? Well, a casualty loss occurs when there is a sudden and unexpected event that damages property. It could include flooding, fire, hurricanes, lightning, tornadoes. It could include a burst pipe, a broken pipe that floods a property and causes extensive damage. It could be caused by a car that runs into a building at 100 miles per hour. Think of how much damage that would cost, and that's certainly sudden. So, it could be any of these things. That can be the precipitating event. Now, what is a casualty loss from federal tax purposes? Well, a casualty loss for federal tax purposes is the difference between the value of the property before the casualty or the event and the value after. So, in some cases, the difference is just going to be the cost, what appraisers call the cost secured. That's the cost to fix the property and to tear out that which is rotten and to put back new materials. But for homes and business property, the cost secured is only a part of the diminution of value. There's also a reduction in value for the entrepreneurial profit that's necessary to entice someone to buy a...
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Hurricane harvey tax deductions Form: What You Should Know
Gov/disaster. Learn more about Disaster Tax Exemption State and Local Taxes Texas requires residents living within disaster-declared areas to pay an additional state excise tax equal to 5 cents per gallon of motor gasoline consumed in the storm area. Texas Revenue Code Excise Tax Residents living in Texas disaster area are subject to the 5 cent gas tax on gasoline, which applies to gasoline (other than motor gasoline) consumed in the storm area. Tax Relief for Texas Natural Disasters: 2024 and 2017 The Tax Relief for Texas Natural and Cultural Resources Tax Act, signed into law in December 2016, provides tax relief for some disaster-related activities in Texas's natural and cultural resources sector. The tax relief is available to owners and operators of businesses in the disaster-affected areas, and those individuals and nonprofit organizations that provide services or supplies for disaster-relief events for which tax relief is otherwise provided. Texas Code of Civil Procedure In 2015, the Texas Supreme Court ruled that individuals have no sovereign immunity and can be sued under the state's laws for damages in civil court for their injury or death because of weather-related damages in a local disaster areas. Criminal Penalties A conviction for an offense that results in death or bodily injury during the course of or in connection with a public catastrophe is an aggravating factor in determining the imposition of penalty. A state court has the power, before sentencing a person to death or life in prison, to order the person to be released on probation and to impose a sentence at the discretion of the court. In order to avoid the sentencing of a person to death, and the mandatory death penalty under state law, a state court could order the person to be sentenced to a term of imprisonment under its law. However, such mandatory death sentence under Texas law is subject to the constitutional right not to be executed and cannot be imposed by a state court. If convicted, a defendant may be held in custody pending determination of a sentence. State law does not provide any criteria or procedures for parole during this period. If your arrest for a crime that results in bodily injury or death is related to the hurricane, and you are not a resident of the affected area, you are not eligible to receive a sentence of death or lifetime imprisonment. After Hurricane Harvey.
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