Disaster and casualty losses from Hurricane Sandy in many cases will be substantial (e.g. more than $100,000) due to people losing their basements, first floors, cars, and in many cases, entire homes. These amounts will be too large to all make a difference on a single year's tax return. To allow people who suffered significant losses to be able to get full tax advantage, let them be able to carry the losses forward to subsequent years, much like capital losses are right now.
Why is this important?
Have many friends who have suffered significant financial hardships from Hurricane Sandy in the Rockaways, Breezy Point and the Jersey Shore.
