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Casualties

If you suffered a disaster, you may be eligible for a casualty loss tax deduction

Leave a Comment / Casualties, Casualty Losses on Property, Insurance, Natural Disaster, One, Big, Beautiful Bill Act, Personal Property loses /

Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs Act (TCJA) limitation on the personal casualty loss tax deduction. […]

If you suffered a disaster, you may be eligible for a casualty loss tax deduction Read More »

Casualty loss deductions: You can claim one only for a federally declared disaster

Casualties, Deductions, Insurance, Itemized Deduction, Natural Disaster, Personal Property loses, Tax Cuts and Job Acts (TCJA) /

Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much more difficult to take. What’s considered a casualty for

Casualty loss deductions: You can claim one only for a federally declared disaster Read More »