The IRS reminds taxpayers who want to file a 2016 tax return electronically to do so by Saturday, Nov. 18, 2017. This includes taxpayers in disaster areas. Taxpayers will still be able to file paper tax returns after that date.
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The IRS wants taxpayers to know it stands ready to help in the event of a disaster. If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner.
Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursement.
Here are 10 tips taxpayers should know about deducting casualty losses: