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You may qualify for a federal tax deduction

This came from Barbara Weltman, Esq. an attorney based in Millwood NY and was written in a publication called Bottom Line/Personal.

You may qualify for a federal tax deduction if you were affected by Sandy and live in a federally declared disaster area.  To claim the deduction, you must itemize deductions on your federal tax return.  The deduction is limited to the amount of catastrophic loss over 10% of your adjusted gross income.  If your home has significant damage, you may want to get an appraisal of its pre- and post-disaster value. Helpful: to speed up the process, you can amend your 2011 tax return to include the deduction.

Barbara Weltman, Esq. 

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