Please note that the content in this article is purely informational and should not be taken as professional or legal advice. Tax laws and regulations are subject to change without notice. Consult an experienced accounting team like John Freeman CPA before making any serious financial or legal decisions.
Did you know that you can deduct casualty, disaster and theft losses from your house, household items and/or vehicles on your federal income tax return?
The IRS, defines a casualty loss as the result of damage, destruction or loss of your property from any unexpected disaster (e.g. flood, hurricane, tornado, earthquake) or unexpected event (e.g. fire). These losses are further categorized as:
- Federal casualty losses
- Disaster losses
- Qualified disaster losses
To be eligible for this deduction, the loss must have been caused by a federally declared disaster and cannot have been covered by insurance.
Our specialized team of experts has ample experience of casualty, disaster and theft losses and can help you fill out all the necessary forms (e.g. Schedule A Form 1040). For more information about how to take advantage of this tax deduction, contact us today to learn more about our tax preparation services!
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