Irs Code Section 165

Internal revenue code 165 as codified in title 26 usc 165 is a door through which those who have suffered certain uncompensated casualty losses may recover as much as 35 of their losses and you as that person s investigator are the key to the door.

Irs code section 165. Who was allowed a deduction under section 165 of the internal revenue code of 1986 formerly i r c. 2003 29 under 165 i of the internal revenue code if a taxpayer suffers a loss attributable to a disaster occurring in an area subsequently determined by the president of the united states to warrant assistance by the federal government under the disaster relief and emergency assistance act 42 u s c. Code unannotated title 26.

For purposes of subsection a the basis for determining the amount of. Paragraphs 1 and 2 a of section 165 h of the internal revenue code of 1986 shall not apply to losses described in section 165 c 3 of such code which arise in the hurricane katrina disaster area on or after august 25 2005 and which are attributable to hurricane katrina. Internal revenue code section 165 losses.

B amount of deduction. In the case of any other losses section 165 h 2 a of such code shall be applied without regard to the losses referred to in the preceding sentence. V 1993 the act the taxpayer may elect to claim a deduction for that loss on the taxpayer s federal income tax return for the taxable year.

Internal revenue code 165. There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.