“i was wondering if there is any why i can claim storm damage to my proporty on my income taxes?”---->It depends.
“ i live in wisconsin and we where hit with 130 mph straight line winds. the governor declaired a state of emergency. i did not have any buildings on the property but all of my trees were destroyed and i had to have a logging company come in and salvage the wood. is there anyway to claim the loss of my trees?”--->I guerss determining a loss value for your trees themselves may be difficult, or even impossible, unless you spent out of pocket money to purchase the trees yourself in which case the original cost of the trees will be part of your deduction, or unless you can prove that the cost of the property when you bought it included a particular amount that was attributable to the value of the trees. However, the cost of removal of the trees, and the cost of repairing any damage they might have caused during the storm qualifies as a deductible casualty and theft losses on your return,aslong as you itemize your deductions on Schedule A;UNLESS you itemize the deductions on Sch A of 1040, you can’t claim your deduction on the damaged trees/expenses of removal of th etrees. |