David M.Green Bookkeeping and Tax Service -
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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.

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