RP-2018-08 & RP-2018-09

Internal Revenue Service (IRS) sent this bulletin at 12/13/2017 02:28 PM EST

IRS GuideWire

December 13, 2017

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Issue Number: RP-2018-08 & RP-2018-09

Inside This Issue

Revenue Procedure 2018-08 provides safe harbor methods that individual taxpayers may use in determining the amount of their casualty and theft losses for their homes and personal belongings. Four of the safe harbor methods may be used for any qualifying casualty or theft loss, and three are specifically applicable only to losses occurring as a result of a Federally declared disaster.

Revenue Procedure 2018-09 provides a safe harbor method under which individuals may use one or more cost indexes to determine the amount of loss to their homes as a result of Hurricane and Tropical Storm Harvey, Hurricane Irma and Hurricane Maria (2017 Hurricanes). The cost indexes provide tables with cost per square foot for Texas, Louisiana, Florida, Georgia, South Carolina, Puerto Rico and the U.S. Virgin Islands (2017 Disaster Area).

Both revenue procedures will be published in Internal Revenue Bulletin 2018-02 on January 8, 2018.

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