Oct 26, 2020 | Casualty Loss Deduction, Federal Disaster Declaration
The IRS announced on Friday that victims of the California wildfires that began on September 4th may receive tax relief from the IRS. Note this is separate relief from that provided for the August wildfires. Individuals and households who reside or have a business in...
Aug 24, 2020 | Casualty Gain, Casualty Loss Deduction, Federal Disaster Declaration, Insurance
As part of the Tax Cuts and Jobs Acts, casualty loss deductions were disallowed starting in 2018 unless the loss was incurred in a federally declared disaster area. Because of the Presidential Disaster Declaration made yesterday, victims of the August 2020 CA...
Nov 16, 2018 | Casualty Loss Deduction, Disaster Loss Deduction, Disaster Relief
Is Congress going to provide us any additional tax relief? We hope so… According to Senator Feinstein’s office, Senators Dianne Feinstein and Kamala Harris (both D-Calif.) joined with Senators Richard Burr (R-N.C.), Thom Tillis (R-N.C.), Lindsey Graham...
Nov 27, 2017 | Casualty Loss Deduction, Insurance
Question: My tax advisor suggested that I obtain an appraisal of my property that reports the value before the fire and the value of the land after the fire in order to document the reportable loss. My insurer has advised that they are going to provide me with an...
Oct 12, 2017 | Casualty Loss Deduction, Disaster Loss Deduction, IRS
Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove their loss. The more accurately the loss is estimated, the more loan and...