Hi everyone!
My client had a major house fire in 2023. However, the last time that I prepared a Casualties and theft loss was in in 2010. I keep running into that the loss must be declared a federal disaster. if so, how this now treated. Please help.
Thank You
Barbara G
TCJA back in 2018 took away personal casualty losses, so if its not a loss from a federally declared disaster, you dont get anything for it on the tax return.
Your state may have different rules, but theres nothing you can take on the federal.
Didn't their homeowners insurance cover this?
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
