This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. Unexpected disasters may cause damage to your home or personal property. The rules for deducting personal casualty losses on a tax return changed from 2018 through 2025. Specifically, taxpayers generally can’t deduct losses unless an event qualifies as a federally declared disaster. (The rules for business or income-producing property are different.) Another factor that now makes it harder to claim a write-off is that you must itemize deductions. Through 2025, fewer people will itemize because the standard deduction amounts have increased. Need help? Contact us.
https://www.sdmayer.com/resources/casualty-loss-tax-deductions-may-help-disaster-victims-in-certain-cases/
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