Jun 22, 2022 | Exclusion of Taxable Gain, PG&E Settlement
As we’ve discussed in earlier posts on this site, for most taxpayers, the settlements from PG&E will be partially or fully taxable. However, relief from California tax may be coming via AB1249. What is AB1249? AB1249 would exclude the PG&E settlement...
Jan 27, 2021 | Casualty Gain, Exclusion of Taxable Gain, Federal Disaster Declaration
If this is your first year preparing returns for clients with casualty gain/loss, you may be a bit overwhelmed (I know we certainly were in 2017 when we had hundreds of clients lose their homes). We put together this guide to help you navigate the process. This tax...
Nov 15, 2017 | Exclusion of Taxable Gain, Insurance
The answer to this and most tax questions is: It depends. There is a potential for the insurance payments to be taxable and it depends on the facts and circumstances of each case. Casualty Loss: If a Home Owner was uninsured (or under-insured) and lost their house,...