Tax Information for Victims of California Wildfires and Other Disasters
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How do I report the Casualty on My Tax Return?

Mar 13, 2018 | Disaster Loss Deduction

How do I report the Casualty on My Tax Return? For tax purposes, we must first determine if we have a gain or a loss. From a high level, a gain or loss is calculated by taking the insurance proceeds less your cost basis in the property. Let’s say you purchased...