Hurricane Katrina: Casualty Losses

Mississippi follows the IRS guidelines concerning casualty losses.

Affected taxpayers in the Hurricane Katrina Presidentially Declared Disaster Area have the option of claiming disaster-related casualty losses on their income tax return for either tax year 2005 or tax year 2004. Taxpayers who have previously filed a 2004 tax return may file an amended individual income tax return (Form 80-170) to report the casualty loss.​​

Individuals may deduct property losses that are not covered by insurance or other reimbursements (FEMA) on their Schedule A Itemized Deductions. Mississippi will follow federal provisions for calculation of the casualty loss.

Affected taxpayers claiming the disaster loss on last year's return should put "Hurricane Katrina" in blue or black ink at the top of the return so that we can expedite the processing of the return.​​

Article Date:   9/27/2005    |   Expiration Date:   9/27/2006

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