How to Apply Casualty Loss Tax Deductions in the Wake of Disaster

Bay Area Tax Attorney Steve Moskowitz informed KGO about the special tax benefits available to victims of the California wildfires.

Those with homes or businesses located in the federally declared “disaster areas” can deduct their 2017 casualty losses not reimbursed by insurance at their option of either their (current year) 2017 tax return filed in 2018 or amend their 2016 tax return now. Most people choose to amend to receive their tax refund money faster.

The IRS is currently providing relief to these affected counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma, Yuba, Orange and Solano.

Moskowitz recommended checking the IRS website periodically for potential additions, or contacting Moskowitz LLP for tax help today.

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