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Daily Archives: November 13, 2019

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Disaster-Related Tax Losses May Be Less Than Expected

Blog, Insurance, TaxBy Editorial TeamNovember 13, 2019

The late-2017 tax-reform package changed the rules for personal casualty losses, which now are only deductible if they occur in a federally declared disaster area. As a result, if a home is destroyed in a forest fire or other disaster within a declared disaster zone, the homeowner can claim a casualty loss on that year’s…

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