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IRS Provides Safe Harbors for Determining Casualty and Theft Losses

In a set of revenue procedures, the IRS has provided safe harbor methods that taxpayers may use in determining the amount of their casualty and theft losses for their homes and personal belongings. Rev. Proc. 2018-8 offers four safe harbor methods that apply to any qualifying casualty or theft loss, as well as three methods that apply only to losses occurring because of a federally declared disaster. Rev. Proc. 2018-9 provides a safe harbor method that allows a homeowner to use one or more cost indices to determine the amount of a home loss due to Hurricanes Harvey, Irma or Maria. The safe harbors outlined in Rev. Proc. 2018-8 are effective on Dec. 13, 2017. The method detailed in Rev. Proc. 2018-9 is effective for losses attributable to a 2017 hurricane and that arose in the 2017 disaster area after Aug. 22, 2017. (IR 2017-202; Rev. Procs. 2018-8, 2018-2 IRB and 2018-9, 2018-2 IRB)

https://www.irs.gov/newsroom/irs-provides-safe-harbors-to-help-taxpayers-suffering-property-losses-including-losses-from-hurricanes

 

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