Whether you’re insured or not, a disaster means tax trouble.
You’ll find out why when you read the full article,
“Deducting Disaster Losses for Individuals”
When a disaster strikes, brace yourself. You’re in for painful tax-problems concerning your disaster-loss deductions. (The tax law is your second disaster!)
Here are two of many important facts…
Deduction Fact #1:
If personal non-business properties such as your home, personal belongings, or personal car are damaged or destroyed in a disaster, you might or might not qualify for a tax deduction for casualty losses.
Deduction Fact #2:
During 2018-2025, you can deduct only personal casualty losses caused by federally declared disasters. And your deduction is whittled down by insurance recoveries and certain tax code casualty loss limitations.
Sound complicated? Well it is. But we can help.
Here are just three of the many complicated after-a-disaster issues my new article will explain.
- Why you could actually have a taxable gain
- Why you could have a tax loss that isn’t deductible at all
- Why you could be eligible for a “preferred” tax loss
You’ll get this important information when you…
Read the full article…
“Deducting Disaster Losses for Individuals”