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February 9, 2020
Question

I lost an acre of land with the volcano in hawaii, can this be claimed as a loss as land is unusable or accessible?

  • February 9, 2020
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1 reply

February 9, 2020

Yes, you should be able to claim a casualty loss on your return.  

 

It appears that Hawaii was declared a Federally declared disaster area in 2018, you may have to amend your 2018 tax return to claim the casualty loss.

 

Please see the attached information from the IRS to determine what information can be used to determine the amount of your loss.

 

Tips to claim casualty loss after a disaster

 

Tax consequences of living in a disaster area

 

FEMA declaration of disaster area

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