property losses

BURNED OUT? ROBBED? ACCIDENT VICTIM? TAX BILL TAKES AWAY DEDUCTIONS FOR PERSONAL CASUALTY LOSSES

 

By Miriam Raftery

December 4, 2017 (San Diego) – If you lose your home or personal property in a natural disaster such as a wildfire or earthquake, or suffer theft, accident or vandalism, you won’t be able to deduct those property losses off your taxes after December. That’s because both the Senate and House versions of the Republicans’ tax bill eliminates these tax breaks.