August 08, 2006
How to be prepared for the worst
The hurricanes that ravaged New Orleans last year may have become history today, but the lessons learnt then cannot be forgotten. Of course, you have your homeowners insurance and all that but you still need to have something more set aside for an emergency. Emergencies are something you cannot predict and but you can always be prepared to some extent. You need at least three months of savings in case of emergencies. Eurweb.com reports:
In addition, if you do have a property loss because of a natural disaster, you may be eligible for a tax deduction. As a general rule, your deduction is determined by an equation that compares your basis (i.e., how much you paid for the property), with the decrease in fair market value as a result of the casualty. You then take whichever
Read more: FOR THE LOVE OF MONEY: Stormy Weather
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