Casualty Loss Archives - John R. Dundon II, Enrolled Agent
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Casualty Loss

The new Tax Cuts and Jobs Act (TCJA) amends Internal Revenue Code Section 165 further restricting our ability as individual taxpayers to write off CASUALTY LOSSES going forward solely to 'disaster areas' as declared by the POTUS. Say whaaaat ?!?!?!?!?!?!?!? Effective immediately this new restriction detailed in the US Tax Code WILL HARM...

Taxpayers may generally deduct losses that are sustained during the tax year and not compensated for by insurance or otherwise (Sec. 165). For individuals, deductible losses must fall within one of three categories: losses incurred in a trade or business; losses incurred in transactions entered...