87
Hurricane Wilma/Total fatalities
What did Hurricane Wilma destroy?
The hurricane destroyed 2 dwellings, 8 workplaces, and 615 mobile homes, about one-third in Immokalee. In total, the county reported $1.2 billion in damage, along with a death toll of 7. Hurricane-force wind gusts extended northward into Lee County.
Did Hurricane Wilma kill anyone?
Hurricane Wilma clobbered South Florida on Monday, October 24, 2005, with surprising strength, leaving the entire region damaged, dark and startled by the ferocity of a storm that many hadn’t taken seriously enough. The storm killed 25 people.
What was Hurricane Wilma category?
Category 5 Hurricane (SSHWS)
Hurricane Wilma/Category
What was the deduction for hurricane damage in 2005?
Because of this reasonable expectation of reimbursement for part of the reduction in the property’s value the taxpayer’s casualty loss deduction is reduced from $200,000 to $150,000. In 2005, the taxpayer deducts a portion of the $150,000 casualty loss, and carries back the remainder of the loss to prior tax years.
How to determine the allowable casualty loss?
To determine the allowable casualty loss, the taxpayer takes the lesser of the reduction in value of the taxpayer’s property or the taxpayer’s basis in that property, and then reduces this amount by any compensation or reasonable expectation of compensation for the loss by insurance or otherwise.
What was the loss of Hurricane Katrina in Louisiana?
Example 2 (casualty loss, sale to Louisiana Recovery Authority (“LRA”) for less than casualty loss and basis) The taxpayer’s house, which was his principal residence, was totally destroyed by hurricane Katrina in 2005. The residence was not insured. The taxpayer’s pre-casualty basis in the property is $215,000.
How does the LRA work for hurricane victims?
Since the LRA payment exceeds by $50,000 the fair market value of the taxpayer’s property at the time of the sale, this portion of the payment is intended to compensate the taxpayer for the loss caused by the hurricane.
