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Show I Tax Options For Flooded ' "Taxpayers who have incurred in-curred property damage as a result of recent flooding in Utah may have two options to declare their losses." according accord-ing to David Petersen. District Manager of the H&R Block office in Salt Lake City. "IN LTAH and other stales which have been declared disaster dis-aster areas by President Rcagcn. taxpayers may take advantage of a federal tax break in one of two ways. You may declare your losses on your 1983 tax return which will be filed next year. Or. if you would like to take advantage of the tax break sooner, you may declare your losses immediately immedi-ately by filing an amended lsN2 tax return." reported Mr. Petersen. Mr. Petersen offers a word of caution, however, the Tax Equity and Fiscal Responsibility Responsibil-ity Act of 19S2 changes the casually loss provisions by adding a new rule which requires re-quires casually losses to be reduced re-duced by 10 percent of your adjusted gross income (AGI). This new ruling goes inlo effect for IW. The ruling also requires re-quires the same 10 percent reduction re-duction in 1983 disasicr losses even when they are claimed on an amended 19S2 tas return. THIS ME ANS thai if the loss is claimed on your ls82 tax re turn, the loss must be reduced by 10 percent of vour lsS2 adjusted ad-justed gross income ( AGI l. If it is claimed on vour WSJ tax return re-turn the loss must be reduced bv 10 percent of vour WSJ AGI. "This gives vou an opportunity oppor-tunity for some lax planning." indicated Mr. Petersen. "If vour AGI was lower in WS2 than it will be al the end of 1983. ou would be well advised to amend vour!- j tax return no. bea:st ' ' would give sou 1 bjr- brcA. On the other to; i ' ou e vpeel a drvp in vat AG 1 . v ou mav be hcr.e: if . . wail and claim the loss Of. '.v f WSJ rclum." cdKijiK ,' Petersen. YOU ARE welcome tea . HAR Block with m !. tions vou mav have situation. 1 |
