Tax Information for Victims of California Wildfires and Other Disasters
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ALE voluntary extended for most 2017 wildfire victims

Oct 18, 2019 | Insurance

The California Department of Insurance announced today that 26 insurance companies have agreed to extend the time limits for 2017 wildfire survivors to access additional living expense benefits after Commissioner Ricardo Lara appealed to them to stand by their...

I received a check for my personal property. Is it taxable?

Jan 2, 2018 | Insurance

If your personal residence or its contents were destroyed in a federally declared disaster (like the North Bay Fires in October ’17 and Southern California fires in December ’17) and you receive insurance proceeds for your unscheduled personal property...

Do I really need an appraisal?

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...

I received a check for living expenses. Is it taxable?

Nov 10, 2017 | Insurance

If your home was destroyed in the fire and you must temporarily live somewhere else while your home is repaired or rebuilt, insurance payments for increased living expenses are excluded from income (i.e. not taxable). This exclusion from income only applies to the...