Update on Deducting Personal Casualty Losses
Every year, millions of Americans are struck by sudden, unexpected disasters — including hurricanes, wildfires, floods, tornadoes, volcanoes, and even vandalism and terrorist attacks. These destructive events can cause injuries, death and property damage.
The tax code allows individuals to claim itemized deductions for personal casualty losses — but the Tax Cuts and Jobs Act (TCJA) places a new restriction on these deductions for 2018 through 2025. Here’s what you need to know in case you suffer a personal casualty loss. READ MORE