L&H Insights

Casualty Losses Can Provide a 2017 Deduction, but Rules Tighten for 2018

Posted by L&H CPAs on Apr 16, 2018 9:35:56 PM

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.

What is a casualty? It’s 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.

Read More

Tags: Insider

Sample - How To Post

Posted by Sample HubSpot User on Dec 13, 2017 3:59:42 PM
Read More

Tags: Insider

Contact L&H CPAs and Advisors Today

Welcome to your L&H Insights!

Your specialists in holistic financial management solutions. Our firm provides accounting, tax planning, CFO services, business consulting, and wealth advisory services to manage your complete financial needs. 

Subscribe to Email Updates

Recent Posts