If you suffered damage to your home or personal property, you may be able to deduct these “casualty” losses on your tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster, fire, accident, theft or vandalism. The loss is generally the lesser of the amount you paid for the property or the decrease in the property’s fair market value. This amount must be reduced by any insurance or other reimbursement received or anticipated. In this issue we discuss some rules and limits that would be beneficial to know if a casualty were to occur.
We also briefly discuss qualifications for a home office deduction.
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This Month's Featured Articles
Victims of a Disaster, Fire or Theft may be able to Claim a Casualty Loss Deduction
If you suffered damage to your home or personal property, you may be able to deduct these “casualty” losses on your tax return. A casualty is a sudden,
...read more
Ground Rules for the Home Office Deduction
Do you often work from the comfort of your own home? Depending on your circumstances, you may qualify for a home office deduction that can reduce your tax liability.
If you're paying for a child to attend college or graduate school, the tax law provides two valuable tax credits that may benefit your tax situation. The two credits are...read more
