posted Sep 4, 2012, 10:18 AM by Patty Langlois
During 2012, there have been a number of disasters across the US which have resulted in a substantial loss of property. As a reminder, the time to document your property and valuables is before a major loss. Some resources available are IRS publications 584 and 584-B which can help you compile a room-by-room list of your belongings or business equipment. This will help you recall and document the market value of items for insurance and casualty loss claims. You can also photograph or video the contents of your home and/or business, especially items of great value. To be able to take a casualty loss or theft loss deduction on your tax return, these items need to be documented.