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casualty loss

The Loss of Casualty Losses

The new tax law eliminated the write off for any personal casualty losses. This involved uninsured losses from fire, theft, or sudden act of God such as an earthquake, tornado, flood or hurricane. The only exception is if it incurred in a presidentially declared disaster area. Thus, if your house is on fire and not...Read More

Casualty and Theft Losses

  I used to like my neighbors until they put a password on their wifi. — Author unknown. Taxpayers are allowed a deduction for casualties and theft. Sandy’s note: If this is the case, why can’t we deduct the monies forcibly given to the IRS? A theft is an unlawful taking and removing of property...Read More