Frazer LLP Blog

Casualty losses can provide a deduction

Apr 4, 2018 12:00:00 AM / by Kaylene Edwards, CPA posted in losses, disaster, casualty

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If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President.

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