So far this year, we’ve had hurricanes Florence and Michael, severe storms and flooding, and wildfires throughout the West, all causing lost lives and billions in property damage.
Last year, we had back-to-back hurricanes Harvey and Irma, which caused lost lives and billions in property damage. Then there were the California wildfires and Hurricane Maria. Yikes!
The nation will undoubtedly be hit by other natural and manmade disasters in the not-too-distant future, because this is a big country and stuff happens.
But if you suffer a disaster, you need to know that the Tax Cuts and Jobs Act (TCJA) placed a new limit on personal casualty loss deductions for 2018-2025.
Here is what you need to know about the current rules for personal casualty losses, along with some special rules for some 2016 and 2017 disaster-related losses. ... Log in to view full article.