Oct 16, 2020 | Disaster Loss Deduction, Federal Disaster Declaration
The IRS announced that Lassen and Tulare Counties have been added to the list of counties under the Federal Disaster Declaration for the August 2020 fires. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management...
Sep 29, 2020 | Disaster Loss Deduction, Disaster Relief
Gov Newsom requested a Presidential Disaster declaration for Fresno, Los Angeles, Madera, Mendocino, San Bernardino, San Diego, and Siskiyou counties because of the fires being battled there. This declaration would add these counties to those already granted...
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...
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...
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...