Claiming loss on 2016 taxes due to flood damage..

[Justin Fox]

I want to run this person's advertisement on a local facebook page by some experienced tax professionals:

"If you know any home owners who had hurricane and flood damage, let them know there is a special tax deduction for fair market value loss, and their 2016 income tax return can be redone now for an additional check that can be received in as little as 6 weeks from now. I specialize in this so have them contact me via phone or Facebook. It does not matter if they were reimbursed from insurance or FEMA.. I repeat It does not matter if they were reimbursed from insurance or FEMA. THIS IS NO GIMMICK OR SCAM....$$$$$$$"

I just wanted to make sure that this deduction is legitimate and that it can also be retroactively applied.

Thank you for any information,

Jusitn

@Brandon Hall

[Steven Hamilton II]

It DOES matter if insurance reimburses. We still do not have formal protocol released from the IRS as the laws allowing anything were just passed by congress.