Tag Archives: casualty losses

Image shows 3 separate drawings of damage to home and personal property. Home in flooded water, home on fire and home being damaged by tornado.

Casualty Losses a 2017 Deduction, But Rules Tighten For 2018

March 20, 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President. Continue reading

Disaster, fire, or theft? According to the IRS, all is not lost. Use these 4 tips to determine your tax deduction for casualty losses.

Tips for Deducting Losses From a Disaster, Fire or Theft

March 29, 2016

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age or termite damage.

Here are some things you should know about deducting casualty losses: Continue reading