Hurricanes. Floods. Wildfires.
These and other disasters have sadly cost many lives and billions of dollars in property damage.
If you have suffered property damage, we want to warn you that the Tax Cuts and Jobs Act placed a new limit on personal casualty loss deductions for the years 2018 to 2025.
The changes in the law can have a huge impact on your ability to deduct losses. Which is why we’re devoting this special article in the Tax Reduction Letter to helping you emerge from disasters in the best possible financial condition possible.
You’ll get a tremendous amount of timely, important information when you read my new article titled Tax Tips: How the TCJA Tax Reforms Hammer Personal Casualty Loss Deductions?
Here’s what we’ll cover
in this new article inside the Tax Reduction Letter
- Personal casualty loss basics
- Safe-harbor personal residence casualty loss calculation methods
- Longstanding limitations on personal casualty loss deductions
- Unfavorable Tax Cuts and Jobs Act change for personal casualty losses incurred in 2018-2025
- Net operating losses from personal casualty losses
- Effect of insurance proceeds
- When and how to claim personal casualty loss deductions
- Special deduction timing-election for losses due to federally declared disasters
- And much more!