Signup to receive email updates

or follow our RSS feed

Blog Archives

514 Total Posts

follow our RSS feed

Blog Banner

Plan Well, Retire Well

Saving and investing your money

Financial Impact of Storms and Power Outages

Major storms can be more than an inconvenience – they can also hurt you financially.

Did you lose power during the recent storms? If the power outage resulted in food spoilage or other losses, you may be able to request reimbursement from your utility company. Check claim forms such as the one for Commonwealth Edison for more information.

"Casualty losses" may be deductible on your income taxes, if they are more than $100 greater than your adjusted gross income. According to the IRS, "A casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption. A casualty does not include normal wear and tear or progressive deterioration."

The IRS website has a short explanation about casualty losses. You can learn more by referring to Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) if the loss involved personal-use. For business property, check Publication 584B (PDF), Business Casualty, Disaster, and Theft Loss Workbook.

Please share this article with your friends!
Share on Facebook Tweet on Twitter


Email will not display publicly, it is used only for validating comment