In the event of a fire on your property, your insurance policy will cover most of the damages. However, it likely will not include all the damages. Some expenses, such as any deductible associated with the insurance plan, will be up to you. What about a fire loss tax deduction? Is ...
As Congress considers tax reform, it should examine changing the casualty loss deduction to a refundable casualty credit designed to provide basic assistance to victims. When Congress provides a loss deduction, as in the case of casualty losses, individuals with higher tax rates receive higher benefi...
TheTax Cuts and Jobs Act, the tax overhaul PresidentDonald Trumprecently signed into law, limits the extent to which filers can take a tax break for personal casualty and theft losses. Under current law, a taxpayer can claim an itemized deduction for property losses that aren'treimbursed by i...
Property damage is never a good thing, but you can sometimes recover part of your money by taking a tax deduction for casualty, disaster, and theft losses. This type of deduction can cover damage due to a fire, accident, or natural disaster, but you must itemize to claim it. ...
3. Rent expense deduction If you don’t have space in your home for an office, or you just want to keep your home and work spaces separate, you can generally deduct the cost of renting office space. But there are a couple of conditions and restrictions. ...
If your rental property is damaged or destroyed from a sudden event like a fire or flood, you may be able to obtain a tax deduction for all or part of your loss. These types of losses are called casualty losses. You usually won't be able to deduct the entire cost of property damaged...
I’ll close with the observation that such policies would produce total economic misery. Ishared a satirical articleon this topic back in 2015, but let’s hope it never becomes a reality. Simply stated, the Harris agenda is a recipe for making everyone equal.Equally destitute. ...
Kenneth R Harney
If your property isn't completely destroyed and/or it is personal-use property, then the amount of your casualty loss deduction is the lesser of: The adjusted basis of your property, or The decrease in fair market value for your property due to the casualty. If the asset or property in ...
Half of all home heating fires take place in December, January and February, according to the National Fire Protection Association. Under the old tax code, you were able to claim an itemized deduction for property losses that aren't reimbursed by insurance and that occur unexpectedly. Thi...