Changes to Casualty Loss Deduction
Sept. 4, 2019
Hurricane season is here and we all know what that means. Winds, rain, and possible damage to your home and or property. Now, here is something you may not know. Previously, you were able to claim a deduction on your tax return from the amount of damages that were NOT reimbursed by your insurance company. However, changes that occurred as a result of the 2017 Tax Reform Act; state that you now must be within a presidentially declared disaster zone in order to claim a deduction.