What Is a Casualty Loss? Taxes From A to Z®
Casualty and theft loss rules have changed significantly in recent years. Here’s what taxpayers need to know about disaster losses, scam-related theft losses, and the records needed to support a deduction.
-
-
Deduct This: History Of The Casualty, Disaster & Theft Deduction
As I sat on my parents’ deck last week, I could see huge plumes of smoke in the distance. The fire in Pender County, NC, where my parents live had reached nearly 30,000 acres (or about 47 square miles) by the time we were headed home. A lack of rain kept fires burning there for…