The other rates again remain unchanged from 1999 to 2000. Meal expenses are deductible only if your trip is overnight or long enough that you need to stop for sleep or rest to properly perform your duties. If you give business gifts in the course of your trade or business, you can deduct the cost subject to special limits and rules. Exceptions may apply. Our home was seriously damaged by a tornado last year.
Casualty losses are generally deductible only in the year the casualty occurred.
However, if you have a deductible loss from a disaster in an area that is officially designated by the President of the United States as eligible for federal disaster assistance, you can choose to deduct that loss on your return for the year immediately preceding the loss year. I am in a disaster area and heard the IRS could help me. If you have been impacted by a Presidentially declared disaster the IRS can help you by delaying the filing of returns and payment of taxes you owe and by waiving penalties and interest in some circumstances if the disaster has caused you to file or pay late. We can provide copies or transcripts of previously filed tax returns free of charge, and you may be able to get some money back from the IRS right now. You can deduct gambling losses only if you itemize deductions.