David M.Green Bookkeeping and Tax Service -
RSS

Recent Posts

ACA FORMS WON'T BE REQUIRED FOR FILING INDIVIDUAL INCOME TAX RETURNS
2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17
Standard Mileage Rates for 2018 Up from Rates for 2017
Senate Passes Tax Reform Bill
IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018
powered by

My Blog

Casualty Losses

Especially given the very harsh winter weather we've seen recently, it's important to note that when disaster strikes you are able to claim a tax break for any significant losses.

"You have to have a loss more than 10% of your income." "So if you make $50,000, you have to pay $5,000 out-of-pocket before you get any deduction."

And for the record, that's an out-of-pocket loss. You won't get a deduction for losses that were covered by your insurer and that you were compensated for.

0 Comments to Casualty Losses:

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment